When increasing prices, the obvious question is: How will the market respond? Over the last few years with rapidly increasing inflation, many companies want to increase prices to recoup the rising cost of doing business. But business news is replete with examples of both customer backlash (Starbucks and Dollar Tree just to name a couple) and also acceptance (e.g. Coca-Cola) of higher prices.
What’s the difference between companies that navigate price changes successfully vs. those that don’t? Well, successfully implementing a price strategy requires planning to implement a dynamic feedback loop.
Following these 5 key points when developing your winning feedback loop will help you look more like Coca-Cola than Dollar Tree.
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Holden Advisors is a team of experts in pricing and sales performance.
We help build and protect our clients’ pricing power by leveraging decades of expertise in negotiation, sales strategy, and value-based pricing.
