{"id":2067,"date":"2016-04-21T08:00:54","date_gmt":"2016-04-21T12:00:54","guid":{"rendered":"http:\/\/sakanashiandassociates.com\/blog\/?p=2067"},"modified":"2019-04-03T09:30:30","modified_gmt":"2019-04-03T13:30:30","slug":"thoughtful-thursdays-handling-increasing-costs","status":"publish","type":"post","link":"https:\/\/sakanashiandassociates.com\/blog\/2016\/04\/21\/thoughtful-thursdays-handling-increasing-costs\/","title":{"rendered":"Thoughtful Thursdays &#8211; Handling increasing costs"},"content":{"rendered":"<p>If your company is&nbsp;facing increased costs, what are you doing to&nbsp;mitigate the potential of&nbsp;lower profit margins? Lets&nbsp;assume your operations are under control and there is not much to gain through productivity improvements, where does that leave you?<\/p>\n<p>One of the most feared sales calls is the one where you are challenged with the task of informing your customer that prices are going up.<\/p>\n<p>Excuses abound; &#8220;I&#8217;ll loose the customer&#8221;, &#8220;they&#8217;ll never accept an increase&#8221;&#8230;<\/p>\n<p>From&nbsp;a business point of view, how long&nbsp;can you accommodate&nbsp;lower profits? When approached properly, a price increase discussion&nbsp;should not be something you fear.<\/p>\n<p>Here are a few tips that may help you:<\/p>\n<ul>\n<li>Determine the reason for the price increase<\/li>\n<li>Start sending signals early about the impending increase<b><\/b><i><\/i><u><\/u><\/li>\n<li>Calculate your new price(s)<\/li>\n<li>Determine when the increase will be effective, and how much notice you need to provide<\/li>\n<li>Prepare your script<\/li>\n<li>Anticipate the objections and prepare your responses<\/li>\n<li>Be prepared to negotiate (Being prepared does not mean you have to negotiate)<\/li>\n<\/ul>\n<p>If you are well researched and prepared, the discussion will be much easier to have. It may lead to a negotiation where you more business is made available.<\/p>\n<p>I used to dread having price increase conversations, but through experience the process became easier. My success rate improved dramatically once I took the time to prepare, script and practice the presentation. You may be surprised to hear your customer say they were wondering when prices were going up.<\/p>\n<p>If you do not act on your increased costs your customers may perceive you have been over charging.<\/p>\n<p>Good selling,<br \/>\nRichard<\/p>\n<p>Have a question about sales? <a href=\"http:\/\/www.sakanashiandassociates.com\/contact\" target=\"_blank\" rel=\"noopener noreferrer\">Contact Sakanashi and Associates Inc.<\/a> and I will respond.<\/p>\n<p>Please share Thoughtful Thursdays posts with people you feel may find the topic interesting and helpful.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If your company is&nbsp;facing increased costs, what are you doing to&nbsp;mitigate the potential of&nbsp;lower profit margins? Lets&nbsp;assume your operations are under control and there is not much to gain through productivity improvements, where does that&#8230; <a href=\"https:\/\/sakanashiandassociates.com\/blog\/2016\/04\/21\/thoughtful-thursdays-handling-increasing-costs\/\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[15,16,3],"tags":[60,52,73],"class_list":["post-2067","post","type-post","status-publish","format-standard","hentry","category-sales","category-sales-call-planning","category-thoughtful-thursdays","tag-sales-2","tag-sales-call-planning-2","tag-thoughtful-thursdays"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sakanashiandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/2067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sakanashiandassociates.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sakanashiandassociates.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sakanashiandassociates.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sakanashiandassociates.com\/blog\/wp-json\/wp\/v2\/comments?post=2067"}],"version-history":[{"count":6,"href":"https:\/\/sakanashiandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/2067\/revisions"}],"predecessor-version":[{"id":3657,"href":"https:\/\/sakanashiandassociates.com\/blog\/wp-json\/wp\/v2\/posts\/2067\/revisions\/3657"}],"wp:attachment":[{"href":"https:\/\/sakanashiandassociates.com\/blog\/wp-json\/wp\/v2\/media?parent=2067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sakanashiandassociates.com\/blog\/wp-json\/wp\/v2\/categories?post=2067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sakanashiandassociates.com\/blog\/wp-json\/wp\/v2\/tags?post=2067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}