A new subject is coming to sales, marketing, and customer support: higher prices. Management wants to grow revenue, improve profit, or just cover expected cost increases. For many sales professionals and managers used to the low and slow changing prices of the 21st Century this is a new subject.
In the U.S., the inflation rate (per World Bank) has been well under 5% since 1990. If you talk double digit inflation with prime rates past 20%, not since 1981. Assuming sales managers tend to be at least 30, the managers who dealt with this business situation in 1981, are now 70. Assuming senior management is even older, even fewer are likely to be around to share their experience with inflation.
On the one hand, this is simply dealing with a price objection, but this is also a time when customers reassess their supplier choices. There are a series of actions that can help minimize the disruption of inflation on your relationships. See our next several posts for details.
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