Do you want to raise the prices of your business process outsourcing (BPO) services to earn but fear losing your clients? Well, you can go on with the outsourcing cost increase to meet your business goals without affecting your target market.
Customers would want to know any looming price hike, so announce your plans early. If possible, tell your contacts in advance. Often, it takes 30 days to tell them of the price hike.
Present the increase with details to make it valid and reasonable. Certifications and recognitions from organizations such as International Standardization Organization or ISO are good reasons for raising your service rates. Tell them the reason for it, so buyers will understand your move and be ready with the new pricing scheme.
If the increase is due to an added feature or improved service, tell it straight. If buyers have no choice but to ignore the feature or select the unimproved service, tell them likewise. Further, you can say the global market dictates the new industry pricing.
Yet if your scheme, which favors an outsourcing cost increase, allows them to make controlled choices, then give them possible options so they can control their purchases. This means giving clients great options such as newer vs. older versions or two cheaper items vs. one expensive product.
If your clients disagree with your pricing plans and you don’t want to lose them, offer them newer choices. Suggest a cheaper choice, let them do a short review, or convince them to select items from other brands. Yet, be ready with the product details, so you can explain them well.
A drastic change involving a large sum may be too much and may make clients lose their interest. The key here is to apply a pricing scheme that equals the product’s value or worth.
If you offer a 48-hour turnaround time for product delivery, you may make it 24-hours but for a premium price. Clients sometimes pay more if they can get the product faster. With this, you convince them to agree to your outsourcing cost increase.
Sometimes, buyers suppose that bundled products are cheaper than single-item purchases. Without being devious, this technique may give you the chance to raise your rate with a bundled service.
Follow these tips and keep your customers.
As outsourcing remains a top industry, firms want to gain the most from their offshore deals. Despite the huge demand, though, BPO firms cannot carry out an outsourcing cost increase. A more practical choice is to locate a third-party provider. If you’re looking for BPO solutions, hire us.