Handling The Dreaded Price Increase ...
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Handling the Dreaded Price Increase
Summary:
Price increases are inevitable, often causing anxiety among salespeople. However, understanding the dynamics and employing effective strategies can lead to positive outcomes in customer transactions. This guide offers practical advice to help manage price increases successfully.
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Adjust Your Mindset
Dealing with price increases begins with adjusting your mindset. Recognize that price hikes are a normal part of business, affecting everyone. It's essential to approach feedback from purchasing departments skeptically, as resisting price increases is their job.
Consider these points:
1. Timing and Strategy:
When was your last price increase? Have you been absorbing costs without passing them on? Assess how factors driving your price increase might impact competitors.
2. Customer Impact:
How will the increase affect your customer's business? Use this opportunity to discuss other products or services that might save them money or reduce costs.
3. Presentation:
Decide whether to express the increase as a percentage or a dollar amount. A small dollar increase may seem more acceptable than a higher percentage.
4. Communicating Value:
If a customer threatens to leave for a competitor, ensure you’ve clearly communicated the unique value you provide.
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Strategies for Success
1. Forecasting:
Be proactive about potential price increases. Share this information early with customers to help them plan. This transparency can soften the impact and build trust.
2. Justifying Without Backfiring:
Avoid explanations that make you seem self-interested. Instead, show empathy. Ask if knowing industry trends that drive the increase would help them explain to management. This positions you as a supportive partner.
3. Turning Increases into Opportunities:
Use the increase as a chance to review additional offerings. This might involve introducing new products that could save the customer money, offsetting the increase and potentially boosting your revenue.
4. Strategic Conversations:
Discuss price changes with administrative contacts who might be more understanding. With their support, you can approach central supply with a recommendation from above.
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Final Thoughts
While there are many facets to handling price increases, consider building a strong case before they occur. You can find further insights in my other posts, particularly on dealing with challenges proactively.
Remember, your mindset shapes your actions. If you see a price increase as a problem, it will be one. If you view it as an opportunity, it can open new avenues for growth and customer engagement.
Good luck and happy selling!
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