Price Increase? No Problem. Preparation Beats Price Pressure!

Many companies are forced to pass on increased costs to maintain their own revenues. In part 6 of our Pricing Basics series, Nina Scharwenka tells us how to beat price pressure and successfully implement price increases. The key to success lies in the preparation!

Price hikes. A delicate topic that companies prefer to avoid. You don’t get anything if you don’t ask for it, and in recent years, nobody had to ask. However, higher prices for raw materials, inflation, and new environmental regulations are reversing the trend. Cost increases will make their way to customers’ wallets, one way or another.

Why is it so difficult to raise prices? A recent online Simon-Kucher survey on price increases revealed that only 17% implement their price increases successfully. Have companies simply forgotten how to increase a price?

Increasing prices for a product or…