Take a bravery pill – announce a price increase
Companies are reluctant to announce price increases for three reasons. Customers may protest or even reduce purchases, staff may be apprehensive in communicating and negotiating and the news is likely to receive unfavourable media coverage. Yet successful price increases can contribute more effectively to the bottom line than any other factor. So what are the golden rules for success? What is best practice?
Understand your customers. How has their ability to pay changed over recent times? What factors will influence their willingness to pay? Buoyant demand and positive success in their market place will make negotiations easier. Helping customers to succeed with their own customers, supports pushing ...
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