To The Point - Home Services Podcast
How to Handle Tariffs & Price Increases Like A Pro with Leland Smith and Aaron Gaynor
Apr 29, 2025
Leland Smith, founder of Service Champions, and industry expert Aaron Gaynor explore key strategies for navigating economic challenges in home services. They discuss the impact of tariffs and the importance of timely price adjustments to maintain profitability. Leland reveals the success behind club memberships and their role in customer loyalty. The conversation also covers lessons learned during COVID, the significance of training skilled tradespeople, and the value of quality service over quick fixes. It's a must-listen for anyone looking to enhance their business!
28:39
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Quick takeaways
- Effective pricing strategies during economic shifts are crucial, emphasizing the need for timely price increases and open communication with teams.
- Club memberships create customer loyalty and revenue streams, underscoring the importance of training technicians to enhance membership conversion rates.
Deep dives
Navigating Price Increases During COVID-19
The impact of COVID-19 on pricing strategies highlighted the need for swift action in updating prices to protect profit margins. A delay in implementing price increases led to a substantial 20% hike that was necessary to catch up after the fact. The management emphasized the importance of open communication regarding impending price changes, ensuring all team members were aware of upcoming adjustments as part of preparation for market fluctuations. Delivering price increase news as a positive event, framing it as a raise for the sales team, helped foster a culture of acceptance and adaptability.
