Here’s What to Expect Next on Trump’s Steel and Aluminum Tariffs – Bloomberg
Understanding how new tariffs will affect your bottom line is your first order of business. Even before the dust settles, however, you need to ask how will the fallout may affect your customers, and how will you communicate any changes to them? Effective messaging is key to maintaining positive relationships with customers (and vendors) and that messaging must be incorporated into your larger marketing strategy.
Passing Along Rising Costs: Communicating with Customer Key to Continuing the Relationship
One of our clients who has had to deal with increased costs due to new tariffs on raw materials has opted to take a two-step process to address those price increases – absorbing some costs internally, and passing a portion on to its clients. In cases like that, when price increases are necessary, we recommend sharing as much of the “why” as the “how” with your customers.
When it involves price increases or longer lead times for products, we encourage our clients to plan ahead (months, if possible – though in most cases, time is a luxury we don’t have) to communicate those changes to customers. The goal is to make sure they are managing their customers’ expectations and positioning their product and service offerings properly, so any price increases (or other negative changes, like additional paperwork or longer lead times) can be considered in light of all they offer their customers. Thoughtful planning and integrated marketing services help B2B and B2C organizations ensure that their overall messaging, service offerings and pricing strategies will continue to satisfy both internal and external customers, even when there are potentially disruptive changes in the marketplace.
When prices are increasing, that’s a great time to remind your current customers of services you offer that your competition doesn’t. Do you offer blanket order fulfillment, for example? That saves administrative time for your client, and also ensures your client’s production schedule can remain on track, as it’s very unlikely they’re run ouf of parts or need to shut down a line.
Need help with your marketing strategies and messaging? Contact us to schedule a discussion about how we can help.
Sales Renewal's InsightRead Original Article
President Donald Trump could impose U.S. tariffs on steel and aluminum imports as early as Thursday afternoon in Washington. His plan to do so has already rattled financial markets, as investors try to gauge the economic and geopolitical fallout. Trump himself has hinted the measures, initially billed as sweeping and severe, may be watered down for allies.