Successful Price Increase
by Steve Zens
(South Bend, IN)
We are a specialty chemical company that is getting hit with unprecedented price increases on a regular basis. To sustain our position of a quality adhesives & sealant supplier we must pass this thru to our customers.
Too often we just get letters from our suppliers stating your price is going up X on this date, with very little explanation
To be successful in passing this thru to our major customers our sales team has been trained on why we are getting these increases, what is causing them, what portion we need to pass thru and what portion we can absorb....as we demonstrate that we are also sharing in the pain.
Because we are thoroughly prepared when we present price increases to our customers our ability to get price increases has been dramatically improved.
It's pretty basic stuff but you would be surprised how many sales reps cannot get price increases passed thru and the two main reasons are lack of industry knowledge and a lack of preparation.
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