Selling the Price Increase

19The Eight Price Increase Narratives

The human brain is wired for stories. Stories evoke emotions and are far more compelling than raw facts. They grab our attention and pull us in. I'll spare you the reams of science on the subject, except to say that the data on the positive impact that stories have on sales outcomes is incontrovertible.

Why does this matter? Vivid, customer-centric narratives grease the skids of price increase acceptance. When you frame your price increase messages within stories or narratives, customers lean in to your message.

There are eight price increase narratives that are the building blocks for all effective price increase messages:

• Economic fairness
• Maintain quality
• Continue services
• Reverse value
• Reciprocity
• Past value
• Present value
• Future value

Either alone or woven together, these eight price increase narratives are the bridges that connect the reason for the price increase and the customer's WIIFM to the three drivers of acceptance. Once you master these narratives, crafting price increase messaging that compels acceptance becomes infinitely easier.

Economic Fairness Narrative

When you are raising your prices because economic pressure and rising costs are creating an untenable position for your company, messaging is a challenge. It's much easier to answer your customer's WIIFM question when you have additional value to offer. Not so much when your only message is that your customer will be paying more for the same thing.

In these situations, ...