Pumper: What’s another common pricing mistake?Sjofors: Holding prices at the same level for too long, for fear of losing customers. To avoid making customers angry, the most effective rationale for raising prices is explaining that costs have gone up. You can say, ‘Look, we’ve been able to hold prices for five years … now I have to pass on a portion of my cost increases onto you. Now, if there’s no ongoing relationship with a customer, you can raise prices tomorrow. But for long-time customers, frame it like this: We’ll raise prices next month, but if you promise to use
