Price increases can be difficult to implement but there are tangible steps you can take to ensure a smooth transition and get customers on-board.
Quick acceptance or rejection of a new product is most common for everyday consumer goods. Speed of adoption can have a significant impact on the pricing strategy surrounding a new product launch.
On May 4th the Canadian government officially stopped production of the penny, and will now be using “Swedish Rounding”. There may be significant implications for pricing, after all a 1% improvement in price leads to a 12.5% improvement in corporate profitability for the average company.