Increasing Prices (Or Repackaging to Charge More)

Mark Stiving is Chief Pricing Educator at Impact Pricing, an advisory firm specializing in value-based pricing for B2B technology companies. In this guide, he describes how to manage a price increase (which probably shouldn’t be an across-the-board increase) including deciding how much more to charge, which customers should see a price increase, and how to manage the roll-out.

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Questions covered in this guide: 

What are indicators that you should consider increasing your prices?

What can you do, other than a straight price increase, to charge more per customer?

What is value-based pricing?

How do you determine what value you deliver to your customers?

How do you determine what your customers are willing to pay?

How can you decide exactly how much to raise prices? Is there primary research or analysis you recommend conducting?

Different segments likely have different willingness to pay - what approaches do you recommend to capture the most value?

If you’re also seeking to re-define your market positioning (e.g. move upmarket or focus on a new segment) in conjunction with your price increase, how should that impact your strategy?

How should bundling factor into price increases?

How should you take competitor prices into account?

When should you do conjoint (or other more robust analytics)?

Who should be responsible for setting the price book? Who should be involved?

How should you prepare your sellers to support the value you deliver and defend the price you set?

How can you prevent sellers from discounting after a price increase?

How should you announce and roll out a price increase to prospects and existing customers?

How long does it take to put together a solid price-increase plan?

What are the most important pieces to get right?

What are the common pitfalls?

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