Price Increase

Are you considering increasing your prices?

Detailed planning and execution is required to successfully implement a price increase that actually sticks:

1. EVALUATION – it is critical that you review and fully understand how your business, customers, industry and competitors have been affected by the pandemic.
2. PLANNING – a one-size fits all approach ends up fitting no-one. You need to review and model the impact of price changes at customer and product level.
3. COMMUNICTION – in times of uncertainty, maintaining trust and confidence both internally and externally is vital. Avoid confusion and mixed messages.
4. EXECUTION – Don’t under-estimate how much work is required.
5. MONITORING – review customer feedback, market dynamics and competitor activity. Take corrective actions.