Is It Time to Raise Your Prices? - Deepstash
Is It Time to Raise Your Prices?

Is It Time to Raise Your Prices?

Curated from: insight.kellogg.northwestern.edu

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Realize That Some Inflation Is Not a Bad Thing

Realize That Some Inflation Is Not a Bad Thing

Brands and brand managers must learn to embrace the more inflationary environment.

Inflation gives you the flexibility to do a lot of things. 

It’s not particularly fun to brainstorm ways to cut back your marketing budget year after year. It’s far more invigorating to consider an environment where you have more money to play with and a broader set of tools at your disposal for continuing to grow your brand.

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Move Sooner Rather Than Later

In many categories, if you wait too long to increase your prices, you’ll be hit with rising costs without a corresponding increase in your own prices.

While airlines are able to change prices dynamically, most producers of, say, consumer packaged goods are not. So if a company such as Kimberly-Clark wants to change the price of its Kleenex products, it could certainly do so—but it can easily be three months or six months before that price increase shows up at the shelf.

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Watch the Competition

Keep your ears to the ground: What are others in your industry doing—or broadcasting that they will do in the future?

Companies are changing prices; they are very aggressively talking about it. Everybody is communicating to everybody, and you want to be hyperaware of what people are saying so that you don’t get caught underpricing or overpricing other brands in your category.

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