Monday, November 28, 2016

Communicating a Price Increase by Mark Hunter

No one wants to be the bearer of bad news. So how do you tell your customers that prices are going up?

Even the most sales savvy among us have had to fight back the nerves that arise when we're about to tell a customer about a price increase. It never makes for an easy conversation. When relaying a price increase in a business-to-business environment, remember that your customers have probably had the same discussion with their own customers. A company exists only as long as it earns a profit and it can only do that if it delivers a quality product or service at the right price. The key to any conversation about raising prices is emphasizing that the increase will ensure product quality.

To prepare your strategy for announcing a price increase, ask yourself the following questions:

1. Does the customer take your product/service and add a standard percentage increase in price when selling to their customers?

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