Price increase strategy

Raising prices is as inevitable as it is potentially problematic: When things cost you more, you have to raise prices, but no customers ever want to pay more. That is unless they're reminded of the universal impact of inflation AND all of the value you deliver.

Remember, it's not your customer's job to wake up in the morning thinking about how much value you offer. If you've done a good job of that, price increases, properly imposed, go off much smoother.

So, plan for price increases by launching a Quality, Reliability and Service ("QRS") campaign, that could include a customer satisfaction survey. When you get the results -- assuming they're good results -- distribute this information to customers. Then, within a reasonable time frame afterwards, announce your price increases, along with the obligatory and logical inflation explanation.

Price increases are never welcomed, but they can be accepted by well-informed customers.

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