price increases

Five tips for raising prices successfully

One of the most difficult things for a company to pull off successfully
is a price increase. And for good reason: most people don’t like paying
more for something they’re currently purchasing for less.

The
difficulty you might face in raising your prices and retaining
satisfied customers, however, is not justification for not raising
prices. Sometimes it’s necessary, and sometimes it’s more than deserved.

Raising prices and surviving to tell about it requires tact. Pricing
may largely be a function of supply and demand, but purchasing
decisions are often based on subjective factors that a price increase
can negatively affect.