11 min
MBA1356 Grandfathering Your Customers, Revisited The $100 MBA Show
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- Careers
We all love our customers — especially the ones who first bought our products and helped us build the foundation of our business. But “grandfathering,” the policy of keeping prices eternally low for those early adopters, may not be a sustainable long-term strategy.
Your business has to grow, change, and evolve. Usually, that means prices have to rise too.
We’re not saying you should never grandfather. Depending on where you are and the size of your market share, a little love for those first-generation customers can be a wise move. But when the math stops working, you can’t let sentimental feelings get in the way of taking your business to the next level.
Here how we’re exploring our own pricing changes, and how we plan to navigate the effect on our current customers. Learn how to transition to a level of pricing that matches increased overhead on your part. See how delighting your customers is less about keeping prices down, and more about making sure your product is worth every cent. Click Play!
We all love our customers — especially the ones who first bought our products and helped us build the foundation of our business. But “grandfathering,” the policy of keeping prices eternally low for those early adopters, may not be a sustainable long-term strategy.
Your business has to grow, change, and evolve. Usually, that means prices have to rise too.
We’re not saying you should never grandfather. Depending on where you are and the size of your market share, a little love for those first-generation customers can be a wise move. But when the math stops working, you can’t let sentimental feelings get in the way of taking your business to the next level.
Here how we’re exploring our own pricing changes, and how we plan to navigate the effect on our current customers. Learn how to transition to a level of pricing that matches increased overhead on your part. See how delighting your customers is less about keeping prices down, and more about making sure your product is worth every cent. Click Play!
11 min