Selling the Price Increase

15Planning the Price Increase Conversation

Planning, preparation, and practice are essential skill sets for selling price increases. Winging it significantly lowers your probability of success.

If you really think about it, the price increase conversation is very much like closing the sale with a new account. During a price increase conversation, you'll make your case, confidently close, handle objections, and potentially negotiate, all within a short meeting. You wouldn't think about winging it in a closing meeting – nor should you with a price increase conversation.

As we discussed in the last chapter, every account is different. Pre-planning price increase conversations should flex to the risk profile of the account. When planning for conversations with small, low-risk accounts, it makes little sense to hole up in a war room and build a complex, strategic plan.

However, with more complexity, more stakeholders, and more at risk, price increase conversation planning should be a formal process – especially when you are facing seasoned, professional buyers on your customer's procurement team. They'll clean your clock if you are not prepared and dialed in.

Planning gives you a bird's-eye view of the game board and the available moves. Take time up front to plan for each price increase conversation, starting with a 9-Box risk profile, and then continue preparing with the following.

Account History

Knowing the account history helps with both building your messaging and narratives ...