With the import tariffs announcement, there is concern of inflation in sectors that use steel and aluminum. In addition, several of our clients have seen cost increases in other commodities. Talk of inflation typically translates into panic. Here’s how we suggest you prepare for what’s coming...
Recently, INSIGHT2PROFIT worked with a manufacturer that had not executed a price increase in nearly three years. There had been individual negotiations, but overall, pricing had remained relatively flat. While the company was a market leader, it was ignoring the pricing lever for profitability.
Our team worked with theirs to determine a plan for strategic price increases, as well as a process for conditioning customers to expect those increases. Here are the steps we took, which you can utilize to ensure your own success in communicating price increases to your customers without losing business.