What is the Price Increase feature?
Our new Price Increases feature makes it simple to identify customers due for a price increase and schedule these changes in advance.
This allows you to tailor pricing updates based on criteria like a customer's subscription length.
For instance, you might choose to increase prices for customers who have been subscribed for six months or more, making sure your pricing strategy matches your business goals.
💡 This tool can also be used to decrease prices on subscriptions.
Accessing the Price Increases Tool
To access the Price Increases feature:
Navigate to the 'Subscriptions' tab in the sidebar.
Click 'Price Increases' from the menu to open the feature.
Once inside, you'll find a table listing all your active, ongoing subscriptions eligible for price adjustments. The table provides key details, including:
The date of the last price increase (if one has been applied).
Any upcoming scheduled increases.
This view makes tracking which subscriptions may need a pricing update easy and ensures you can plan increases efficiently.
💡 You can also use the filters to show specific subscriptions per site, tenancy period over a certain period, and the last time a subscription was increased.
How to Schedule a Price Increase
To create a new price increase:
Locate the subscription you want to adjust in the list.
Click the 'Increase Price' button next to that subscription.
A window will appear where you can configure the following details:
Effective Date: Choose when the price increase will take effect. Options will align with the customer’s billing cycle.
Price Adjustments: Decide whether to adjust the unit price, insurance price, or both.
Percentage Change: Enter the percentage change in price. Use a positive value for an increase or a negative value for a decrease.
Customer Notification: Set when to notify the customer about the change. You can select a notification date ranging from today up to 120 days before the change or choose 'None' to skip notifications.
💡 Click the downward arrow to expand and preview the changes. This will display exactly how the prices will adjust, helping you confirm before saving.
Managing Customer Notifications
When setting up a price increase, you can choose when Stora will notify your customer:
Send the notification immediately
Schedule it for a specific number of days before the price change
Opt not to send a notification
The email will inform your customer about the upcoming price change and its effective date.
What does the price increase email say?
The email shows 2 key pieces of information:
1. The new price of their subscription (not the old price)
2. The date the change will take effect
Here's an example:
Managing Scheduled Price Increases
To view all scheduled price increases, click the 'Scheduled Increases' button at the top of the page. This will display a list of all upcoming price adjustments.
After scheduling a price increase, you can:
Edit the adjustment details (provided the customer hasn’t been notified yet).
Delete the adjustment at any time before it takes effect.
Managing Price Increase Presets
To simplify managing price increases, you can set up defaults on the Settings page:
Click the 'Configure Presets' button at the top right of the Price Increases page.
Define preset values for common price adjustments you frequently apply.
Set up default filters to quickly identify subscriptions that may require price increases.
💬 Have any questions? Reach out to our support team who will be happy to help.