Prices for everything are on the rise. Inflation is getting worse. This means many companies will be or are facing the challenging need to raise prices. It’s a daunting task for companies—especially their salespeople. This new book by Jeb Blount is a true “must have” for anyone who must face telling their customers that prices are about to rise.
If this is a task that you are facing (and who isn’t?), this is just the primer you need. Blount says you must first get over your fear by changing your mindset. This will prepare you for what’s ahead. He discusses how to protect your customer relationships while raising prices, and of course, how to make the case for and closing on a price increase.
Here is Blount’s plan for raising prices while showing your customers the immense value you still offer:
- Uncover problems you can solve. Show them why they should keep working with you.
- Conduct a business or account review. Review all the great work you have done for them over years.
- Meet the other stakeholders. Meet with everyone involved so that your point of contact is not left holding the bag, explaining why she agreed to let you raise prices.
- Provide added value service. Add something new so that your customers feel they are getting a little something extra for the raised prices.
- Handle objections and negotiate. But be ready to defend your position. If you have done a good job on the first four steps listed above, you can use them as talking points to succeed in negotiating a price increase.
In the final part of the book, Blount guides the reader through a conversation—the actual talk with the customer about raising prices:
- Set the stage
- Make your case
- Leverage the assumptive close
- Negotiate and close
This book will give you everything you need to successfully raise prices while keeping your customer base intact. Think about how valuable that information is in these hard times. This book could be the best investment you’ve ever made.
Selling the Price Increase: The Ultimate B2B Field Guide for Raising Prices Without Losing Customers
Author: Jeb Blount
Copyright: 2022, John Wiley& Sons, Inc.