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This sales <a href="http://www.ipernity.com/blog/2465032/4724040?t=95225&c=1&s=edit">Soft Skills Training</a> tip may sound crazy but you can increase your sales by telling your customers and prospects about your forthcoming price increases. Up to now you may have tried to hide any price increases or apply them covertly. Even when you have to give customers prior notice to an increase I bet you tried to camouflage that notice by putting it somewhere discreet. Now I want you to think about changing your viewpoint and how in the future you might want to shout about price hikes. Why Price Increases Can Increase Sales Think about what happens when you have a sale, customers rush to buy for two reasons: 1. They are worried that the items they want will become scarce and go out of stock. 2. They want to buy before the prices are increased again. It's the second reason above that we use to make this sales training tip work. By advertising your price increase you will encourage some customers to buy from you before you put your prices up. The objective is to get them to buy more than usual to beat the increase and therefore increase sales by advertising your price increase. To make this sales technique work you will need to justify the increase to the customer. Have a Really Good Reason to Put Prices Up Think about how you are going to justify your price increase to your customers. The more precise you can make the reasons for putting up prices the more your buyers will accept them. Wherever possible the rise in price should be linked to an additional benefit for the customer and the reasons should never be linked to a benefit for the company. It's not always possible to come up with a benefit and when this is the case you need a clear and precise justification for raising your prices. If the reason you are using is related to an increase in operational or manufacturing costs try to use quantitative figures or percentages rather than vague or general statements, and where possible support with evidence. Here are some reasons you might want to consider using when you announce your price increases: An improvement to your product (bigger, better, something new) Transport or manpower costs increase. Paying more for production materials. Higher taxes or changes to legislation. Factors outside of your control. (blame someone else) The aim of this sales training technique is to get an increase in sales before your price increase, but after the increase there may be a downturn in revenue, here are some ideas on how to minimise it. How to Minimise Lost Business If your business depends upon regular customers and repeat orders you must have a plan to deal with the customers who do not order, or cancel orders, as a result of your price increase. Your plan should include: Identifying lost customers. The list of actions that can be taken to retain their business. A check on their profitability to your business after taking actions to retain. A Warning - Some Businesses cannot Use This Technique Not all sales organisations can use this technique. For example, if you sell a service on a contracted term, or if you sell products that have a shelf life and cannot be bought in advance and stored, you may need an alternative approach when it comes to price increases. Put This Sales Training Into Action I hope I have given you some ideas for thought when it comes to price increases. To put this sales training tip into action you will need to know when your next price increase will be so that you can plan how you will announce it to your customers. Your announcement will need the reason to justify the increase, or possible benefit for your customers, and an easy process for them to order from you. Remember to include a plan to minimise lost business because while you will increase sales revenue before the increase there will always be challenges after they have been implemented.
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