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Jeb Blount. Selling the Price Increase
Table of Contents
List of Tables
List of Illustrations
Guide
Pages
More Books by Jeb Blount
SELLING THE PRICE INCREASE. THE ULTIMATE B2B FIELD GUIDE FOR RAISING PRICES WITHOUT LOSING CUSTOMERS
Preface: A Tactical Field Guide and System for Selling Price Increases
Foreword
Acknowledgments
1 Sales Professionals Hate Price Increases
Salespeople Hate Price Increases
Price Increases Matter
Types of Price Increase Initiatives
Broad-Based Price Increase Campaigns
Targeted, Account-Based Price Increases
Non-negotiable
Non-negotiable with Exceptions
Negotiable
Format
Challenges
Exercise 1.1 Price Increase Challenges
Leadership and Coaching Pro Tip. Bringing Challenges to the Surface
Notes
2 The Five Fears
Nobody Wants a Price Increase
We Want Happy Customers, Not Conflict
Mastering the Fear of Rejection
Exercise 2.1 Catalog Your Fears
3 Awareness and the Origin of Fear
The Origin of Fear
The Curse of Fight or Flight
The Obstacle of Rejection
Exercise 3.1 Braver Than You Think
4 Developing Emotional Self-Control
Developing Obstacle Immunity
Becoming Rejection Proof
Four Keys to Developing Price Increase Obstacle Immunity
Exercise 4.1 10 Days of Rejection
Day One
Day Two
Day Three
Day Four
Day Five
Day Six
Day Seven
Day Eight
Day Nine
Day Ten
Challenge
Notes
5 Stop Worrying, Start Preparing
Preparation and Practice
Leadership and Coaching Pro Tip. Leverage Murder Boarding Sessions for Large Account Price Increases
Know Your Emotional Triggers
Leverage Positive Visualization and Self-Talk
Exercise 5.1 Visualize Success
Part One Wrap-Up: Reflections
6 Relationships Matter
Price Increase Initiatives Are Dual Focused
Navigating Imperfection
We Feel, Then We Think
Customers Are People
Exercise 6.1 Relationship Inventory
Best Client Relationship
Difficult Client Relationship
Distant Client Relationship
What Can You Learn?
Note
7 Triggering Resentment and Contempt
Treading on Raw Emotions
The Gangrene of Relationships
Making Amends
The Procrastination Train Wreck
Leadership and Coaching Pro Tip. Procrastination
Procrastination Can Put Customers in a Bad Position
Eat the Frog
Exercise 7.1 The Harsh Effects of Resentment
Exercise 7.2 Price Increase Procrastination
8 Wait, I Don't Even Know You!
Instant Resentment
What Have You Done for Me Lately?
Leadership and Coaching Pro Tip. Relationship Status and Pre-Price Increase Campaigns
Neglect: The Grim Reaper of Account Retention
Invest in Relationships Before You Ask for a Price Increase
Exercise 8.1 Make New Accounts Feel Important
Five-Touch Relationship Building Plan (Include Action Step and Date)
9 Price Increases When You Have All the Power
You Need Me More Than I Need You
Lead with Empathy
Exercise 9.1 Cultivate Empathy and Fairness
10 Make Breaking Up Hard to Do
Leveraging the Status Quo Bias
Playing the Status Quo Card
Leadership and Coaching Pro Tip. Account Management
Be the Safest Choice
Just Manage Your Accounts
Exercise 10.1 Boost Your Account Management
Part Two Wrap-Up: Reflections
Note
11 The Three Approaches to Price Increase Conversations
Price Increase Initiative Scenarios
The Three Approaches: Presenting, Asking, and Defending
Presenting
Asking
Defending
Free Resource. Price Increase Playbook
Leadership and Coaching Pro Tip. Preparing Your Team to Defend the PI
Exercise 11.1 FAQs and Objections
12 Defending Price Increases: Between a Rock and a Hard Place
Most Customers Don't Get Angry over Price Increases
Be Responsive
Do Not Email It In
Talk with People
Message Matters: Be Knowledgeable
If You Make Them Angry, Don't Make It Worse
Triggering Angry Customers
Shut Up and Listen
Diffuse the Conflict
Just Listen
Exercise 12.1 Hone Your Approach and Prepare Responses
Exercise 12.2 Keep Your Cool and Tune in to Your Customer
Don't Make It Worse
Shut Up and Listen
13 The Price Increase Sales Process
Bend Win Probability in Your Favor with Negotiable Price Increases
Presenting versus Asking
Presenting the Price Increase
Asking for the Price Increase
The Five-Step Price Increase Sales Process
Set the Stage
Precall Preparation
Make Your Case
Close
Handle Objections and Negotiate
Deep Dive
Leadership and Coaching Pro Tip. Process
Exercise 13.1 Reviewing Your Price Increase Sales Process
14 The Price Increase Risk Profile
The 9-Box Risk Analysis Template
Rows
Columns
Risk Profile Elements
Assessing Risk and Probability
Losing Customers on Purpose
Exercise 14.1 Develop a Price Increase Risk Profile
Exercise 14.2 Fit Matrix
Leadership and Coaching Pro Tip. 9-Box Team Coaching
15 Planning the Price Increase Conversation
Account History
Stakeholder Map
Service and Quality Issues
Messaging and Narratives
Objections and Negotiation
Practice
Exercise 15.1 Pre–Price Increase Conversation Planning
16 Set the Stage
Customers Resist Change
Prime Customers for Change
Give Customers a “Heads Up”
Leverage the Law of Reciprocity
Set a Formal Appointment for the Price Increase Conversation
Exercise 16.1 Setting the Stage
Part Three Wrap-Up: Reflections
Note
17 Message Matters
Confidence Is the Key Ingredient
Emotional Contagion: Customers Respond in Kind
Developing Confidence
Confidence Sharpens Confidence
Trust the Process
Change Your Self-Talk
Change Your Physiology
Change Your Words
Avoid Projecting
Exercise 17.1 Developing Confidence
Notes
18 Influencing Price Increase Acceptance
The Three Drivers of Price Increase Acceptance
Customer Satisfaction
Perceived Fairness of the Price Increase
Magnitude of the Price Increase
Answering WIIFM
Authenticity
Exercise 18.1 WIIFM
Notes
19 The Eight Price Increase Narratives
Economic Fairness Narrative
Maintain Quality Narrative
Continue Services Narrative
Reverse Value Narrative
Reciprocity Narrative
Past Value Narrative
Present Value Narrative
Future Value Narrative
Exercise 19.1 What's Your Narrative
Leadership and Coaching Pro Tip. Future Value and Economic Reasons for Price Increases
20 The Price Increase Because Statement
The Five-Step Price Increase Because Statement Framework
Personalized, One to One Because Statements
One for Many Because Statements
Crafting Because Statements
Exercise 20.1: Craft Price Increase Because Statements
Note
21 The Formal Price Increase Business Case
Sutton's Law: Go Where the Money Is
Derisking the Large Account Price Increase
Sutton's Corollary
Approaching the Formal Business Case Presentation
Price Increase Business Case Structure
Weaving the Narratives
Value Narratives
Value Narrative Example
Neutralize Alternatives
Know Your Competitors
Stoking the Status Quo Bias and the Fear of Change
Exercise 21.1 Develop a Value Narrative
Exercise 21.2 Alternatives
Part Four Wrap-Up: Reflections
22 Closing
The Assumptive Close Framework for Price Increases
Shut Up
Exercise 22.1 Practice Until Perfect
23 The Ledge Technique
Look Out! Here Comes Fight or Flight
Use the Ledge
Example of ledges:
Exercise 23.1 Get Your Ledge On
Note
24 Four Techniques for Handling Price Increase Objections
Just Let Them Vent
Enroll Them
Space and Time
Relate, Explain, Confirm
Relate
Explain Value
Confirm Agreement and Acceptance
Exercise 24.1 What's in It for Me?
25 Negotiating the Price Increase: D.E.A.L. Framework
D.E.A.L. Negotiation Framework
Exercise 25.1 Let's Make a D.E.A.L
26 Discover
Capitulate
Counter
Confront
Clarify
Get the Issues on the Table
Exercise 26.1 Avoid Price Increase Negotiation Mistakes
27 Explain
Do the Math
The Value Equation
Exercise 27.1 Build Your Value Equation
28 Protect the Points
What Your Customer Is Really Negotiating For
Leverage Funny Money to Protect Your Points
Exercise 28.1 Build Funny Money Inventory
Note
29 Align and Lock
Negotiation Map
Proposal
Target
Limit
Deploying the Give-Take Playlist
Disrupt Patterns with Irregular Increments
Lock It Down
Tangible Acceptance
Author's Note
Prepare to Win
Exercise 29.1 Build a Negotiation Map
Exercise 29.2 Develop a Give-Take Playlist
Part Five Wrap-Up: Reflections
30 The Battle Begins
Leaders Hesitate
Transforming a Sales Team into a Price Increase Machine
The Three Pillars of Leadership Excellence
You Need Your People More than They Need You
Exercise 30.1 Leverage the Three Pillars
31 Leading Price Increase Initiatives
You Are Always on Stage
Salespeople Buy In for Their Reasons, Not Yours
Executive Leadership Tip: Compensation Alignment
Exercise 31.1 Price Increase Implications
32 Managing Price Increases
Big Hat, No Cattle
Ninety Percent of Strategy Is Execution
Map the Process
Target the Right Accounts
Use Metrics That Matter to Set Goals
Plan the Timing and Roll Out
Train Your Team
Exercise 32.1 Mapping the Process
33 Coaching Price Increases
Knowledge Acquisition Versus Knowledge Application
Coaching for Improved Price Increase Initiative Performance
Observe Price Increase Conversations in Real Time
Before-and-After Routine
Role Play
Demonstrate
One-to-One Meetings
Encouragement
Exercise 33.1 Develop a Coaching Plan
Part Six Wrap-Up: Reflections
About the Author
Training, Workshops, and Speaking
Index
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