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No customer wants a price increase so there is no good time to raise prices. There are better times than others.
- Raise prices when all prices in the marketplace are rising. You do yourself NO good being the only one who did not raise his price in the market. Customers forget your nice gesture when you really must raise prices or die in the market. He is getting notices from many others so you are only one more. Do not miss this opportunity.
- When the market is in turmoil, raise your prices. You cannot afford not to since the customer will be bombarded with increases from everywhere. Your holding your prices down will be appreciated but forgotten quickly so do not bother.
- When you raise your customer’s price, tell him you will hold it through the stock he has issued orders for or even the last large batch that arrived at your plant, but after that, prices must go up. Tell him you are doing him a favor holding these prices on current stock but cannot afford to do it indefinitely.
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