Price increases drive profit up. At least most of the time. Yet still, in some companies they happen regularly and with coordinated efforts whereas in other companies price increases are nearly non-existent.
Sometimes it can be difficult to drive a price increase through. Obviously customers are rarely excited about having to pay more, and there is also the sales team's favourite excuse for why a price increase is a bad idea: the dreaded competition who allegedly will exploit any price increase to totally dominate the market. Counter to that, most countries experience inflation and the simple fact is that without price increases a company will see a real-term reduction in price and revenue over time, as inflation hollows out revenue.
In a great number of companies and industries prices can also be increased simply because customers are willing to pay more.
Participants and viewers of the webinar will learn about
- how to use market insights to better understand where price increases will meet the least resistance and where it will be harder with customers
- How to better understand value perception of customers using hard facts rather than gut feeling or guesswork (which is usually biased towards not doing price increases).
- How market insights can help create price increase argumentation
- Competitive price research and when to take competitors' prices into consideration and when to ignore them when running price increases.
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