You WILL have to raise
your product’s prices
When I worked with a major beverage company,
we raised prices in multiple ways
(not all at once).
We changed unit sizes
(7.8 oz vs 8.0 oz),
(a 2×12 pack vs a 4×3 pack),
units in a package
(a 10 pack vs a 12 pack),
added a bonus with a smaller pack,
late payment fees,
“Customers are far more likely
to accept higher prices
if they’re getting something extra
in the bargain.
Consider what you could throw in
with your current product or service
that would cost you little
but would have higher perceived value
to the customer.
you could offer free gift wrapping
or a free ebook about a relevant topic.”
Have a strategy for raising prices.