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Daily Paradox - Nov 21, 2014 5:00 - 0 Comments

How to raise prices successfully

John Bittleston

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“The Indonesian government has increased fuel prices by more than 30% in an attempt to save the economy more than $8bn in 2015.”

No buyer likes price increases but they have to be made from time to time. You will not win a popularity contest with your announcement of higher charges and you will need a slightly thick skin. However, there are ways and ways of dealing with rising prices and my observations of some recent foreign government – and some local business – price increases is that they have been unfortunate, untimely and poorly handled. No business needs to lose customers because of price increases. No government needs to lose votes that way either.

First, the psychology of raising prices. Most people are reasonable for most of the time. They understand how costs increase in their own lives, but seldom relate this to cost increases for other people. It is essential to explain why a price increase is necessary. The bigger the price increase, the more important the explanation. And that explanation must be personal, even when it has to be communicated to millions of people. Life is about the individual.


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