Thinking of Raising Prices?
Here are some ideas on how to handle the situation:
Invest in Market Research: Understand your consumer, their buying attitudes and behavoirs in response to price inflation.
Redefine Value: Customers think in terms of absolute price rather than overall value. Repackaging your product or service to hit key price points might serve you well.
The key is to eduate the consumer, apologize for uncontrollable price increases, give price-sensitive consumers some promotional options, and reemphasize product benefits.