price increases

Article archives from the Pricing Pricing Society

Getting Everyone Onboard for Price Increases

Customers want the best value, not necessarily the best price. Our job is to justify the price based on the value we deliver. Often customers do not know or purposely ignore this. This includes the product, services, support, and terms and conditions we offer. Getting a lower price from a competitor is not the same as getting the “same value” at a lower price. Knowing and communicating your unique value proposition is key in implementing price increases, as the author explains.

By |2022-12-27T21:54:03+00:00December 31, 2022|Price Increases, Price Management, Pricing Articles|0 Comments

Managing Inflation through Smart Price Increases: Why MedTech Companies Need to Act Now

In this article, the author presents a nine-step approach that helps MedTech companies to successfully increase their prices while avoiding the most common pitfalls. It is structured in three phases – level configuration, implementation preparation, and roll-out – and addresses the key questions companies have regarding price increases. Although specific to the medical technology industry, this article provides insights for all pricers who are seeking agile solutions to battling current inflation challenges.

Additional Fees: Customer Irritating but Profit Generating

Additional fees can serve a positive business function, and increase profitability, but they can also create unnecessary problems if handled poorly. For executives, it is best to consider additional fees from a clear-eyed perspective rather than gut reactions of recoiling in fear or aggressively fulfilling one’s greed, as the author explains.

Menu Prices Must Increase This Spring, But By How Much?

Brands in the food services industry have been losing margins because of the increasing cost of labor, transportation, and food, as well as COVID reduced traffic, which is why pricing is more relevant than ever. Many large, multi-unit restaurant brands procrastinate on pricing out of fear that an increase will be detrimental. This mindset creates a state of inaction, which is a mistake because pricing is actually the biggest lever in terms of maximizing a brand’s profitability, as the author explains.

Price Inflation on the Rise: 9 Steps for Managing Your Price Increase Process

Increased raw material prices, costs incurred due to the effects of the COVID-19 crisis, backlogs of price increases not delivered in 2020: as predicted, these factors are all driving up inflation rates. However, the majority of companies are unprepared for the commercial implications. This article explores how companies can manage and pass on cost increases through the development of robust price increase processes.

By |2022-03-24T17:05:55+00:00September 30, 2021|Inflation Pricing, Price Increases, Pricing Articles|0 Comments

Pandemic Price Response

For some organizations, the COVID-19 pandemic has created a crisis, while for others, it has created market opportunities. For all, it has forced quick and difficult pricing decisions. Price gouging, price promotions and discounts, and dramatic price increases and decreases have all occurred within the first months of COVID-19 reaching the European and American continents. Which tactic to execute, if any, can be revealed through thoughtfulness and analysis.

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