Presenting price increases can be tricky. On this show, Paul offers nine tips to help present price increases to customers more confidently.
Show Notes:
Most salespeople loathe presenting price increases to their customers. Mainly because they’re fearful of losing the business. A price increase might open the door to the competition.
Your attitude matters when presenting price increases.
“As the incumbent provider, you have a lot of power.” People like to stick with what is familiar, and a cheaper alternative usually isn’t enough for customers to switch.
Remember, this is not a unique problem that you are experiencing. “All of your competitors are experiencing this same challenge, which actually creates an opportunity for you.”
The words you use matter when presenting an increase. “Don’t use the words price increase. Instead, use the words…”
Explain the reasons behind the increase. Your explanation provides justification for the adjustment.
Remind the customer of the value that you deliver and get credit for the impact it has on the business. “Ninety days before the price increase, it’s critical that you…”
Consider offering your customer an adjustment period to soften the blow. “One salesperson in a recent seminar shared an example…”
Fairness is important to your customers. “Reassure your customers that everyone is participating in the price adjustment.”
Confidence is key when presenting an increase. Use these tips and ideas to prepare for your next increase.
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