How do customers typically react to price changes?

I've noticed our prices have gone up recently. How do customers usually react to such changes?

Customers can react in various ways. Some may express dissatisfaction, while others might understand if the value is clear.

What factors influence their reactions to price increases?

Factors include perceived value, market competition, and the necessity of the product. Transparency can also help.

Are there strategies to mitigate negative reactions?

Yes, communicating the reasons for the increase and highlighting improvements can help. Offering loyalty discounts can also ease concerns.

What about price decreases? How do customers respond to those?

Price decreases often lead to positive reactions, as customers feel they are getting a better deal, which can boost sales.