Turning a price increase into a good news message for your clients is one of the reasons that makes sales a tough job! Implementing a price increase strategy can be a delicate balancing act, so how can you articulate a price increase as good news?
Below are some Dos and Don’ts your sales teams should consider before they engage in conversations with your clients.
Dos
- Emphasise Value Proposition: By showcasing the value your offering delivers to the client, they are more likely to perceive the price increase as justified and worthwhile. Focus on expressing the value proposition, highlight the unique features, benefits and outcomes that set it apart from competitors.
- Communicate transparently: Be transparent with your client about the reasons behind the price increase. Whether its rising production costs, market demand, or enhanced features, honesty fosters trust and credibility. It ensure clients of your continued commitment to delivering exceptional quality and service.
Don’ts
- Justify based solely on costs: While production may play a role in determining pricing, avoid solely justifying a price based on internal factors. Instead, focus on the value proposition and benefits they gain from the offering.
- Surprise clients: Avoid blindsiding clients with sudden price increases. Provide advanced notice and communicate the changes proactively. This allows clients time to adjust their budgets and expectations, minimising any resistance.
- Undervalue your offering: Refrain from undermining the value of your product or service by offering discounts or concessions immediately after announcing a price increase. While it’s important to address client concerns and objections, compromising on price too quickly sends mixed signals about the value you are offering.
With the right approach, sales teams can turn price increases into an opportunity and help strengthen client relationships that drives business growth.
Get in Touch Today
To find out how we can help you define that breakthrough moment your sales team need to have the confidence in positioning your prices to clients – book a complimentary call by emailing Andrew directly at Andrew@kissthefish.net
This 90 second breakthrough video, Kiss the Fish CEO, Andrew Milbourn shares how sales teams need to articulate good news when putting your prices up.
