What Happened After Our Price Increase?
We had our first price increase in over three years not long ago. In that time, the cost of our ingredients and packaging had gone up an average of 66%. Most of our customers were super supportive, and though we did get some negative comments, they were mostly from people who were never customers at or lower prices either.
So what happened? Has it been all doom and gloom like the haters predicted? No, and I wanted to share about it in case someone else is hesitating about a price increase in their business that they know needs to happen. Because Lord knows, I sure waited longer than I should have.
From a financial standpoint, our sales are up significantly. Could they have been higher if we had stayed at our low prices? Maybe. But more orders means we either need to hire more people, which is an investment our old prices wouldn't have allowed, or overwhelm our team, which is a big no.
And it's a big relief for me knowing that our products are priced appropriately so that we can cover all the costs of making them, delivering the great experience our customers love about our brand, and creating a great environment for our team to work in every day.