Successfully executing a price increase in a challenging retail environment - Webinar
Faced with an increasingly difficult retail environment, consumer goods companies have been hesitant to raise prices over the last two years. The recent surge in commodity and logistics costs, however, has made this status quo unsustainable. Many companies find themselves weighing the daunting prospect of undertaking a price increase exercise or be faced with significant margin erosion.
The good news is that there appears to be growing industry momentum for pricing action with companies ranging from P&G, Kimberly Clark, Clorox, Coca Cola and Black and Decker announcing plans to increase price. Still, the reality is that any price increase is risky. In part two of our Consumer and Retail webinar series, Ellen Kan, Director out of our New York office, will share best practices and tips for successfully executing a price increase. The webinar will address the following topics:
- How do you decide which products to take price on?
- What are strategies to de-risk a price increase as much as possible?
- How do you sell it into your customers?
The reality is that the ability to execute a price increase is essential to the long-term health and sustainability of a business. Companies need to take the step of building up their pricing muscle and capturing the value they provide to consumers.