Delivering news about higher prices is never fun, but here is another tip for preparing to deliver the news effectively.
Instead of simply raising prices by x%, internally discuss how similar results can be achieved by other means. Contractual volume commitments can be increased. Prepayments schedules can be shortened. Creating new bundles of products and services can help increase average margins.
If discussing a specific large customer, create alternatives that include customer specific data (order patterns, timing, and payment cycles). Presenting a new plan helps demonstrate the importance of the relationship between the two enterprises is at the center of the conversation.
Next up – Plan for additional communication with customers
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