Inflation peaked at 9.1% in June 2022. In 2023 and 2024, I was surprised to find companies that still had not raised their prices. I’m sure there are still some out there.
Companies usually must justify their price increases, and inflation was a great excuse/reason to raise prices. Many companies took advantage of inflation to raise prices. The ones that fared the best were the ones that acted quickly.
Here we are again. Everybody is terrified by tariffs. But, it’s also an excellent opportunity for some companies to raise prices.
Listen, most companies don’t charge enough. Most companies discount too much. Most companies don’t realize how much value they actually deliver to their customers. Most companies should raise their prices.
If you are a company that delivers a lot more value than customers pay for, you have room to raise prices, regardless of what is happening in worldwide trade. Tariffs are a convenient excuse. Do it quickly. The sooner you do it, the more profit you will make.
If you are a company that didn’t raise prices during inflationary times, here is your chance to start to catch up. Tariffs are a great excuse.
If you are a company that thrived during the inflationary times because you led the price increases, here is a chance to do it again.
Raising prices is always scary, but with more knowledge, you can do it more confidently. The book Instant Profits: How to Raise Prices without Losing Customers is a short but valuable confidence builder.
If you’re more comfortable with someone guiding you through the process, let us know. It’s what we do.
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Now, go make an impact!
Tags: pricing, pricing foundations, pricing metrics, pricing skills, pricing value, tariffs
