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Recession Pricing

November 6, 2009
by Shannon Vincent

With engagement letters and organizers going out soon (note: do not waste the next 2 months) many firms are asking the following question?  Can we raise prices in a recession?  My view, of course you can, it’s your business and if you are willing to take the risk for an increased margin then go for it!  Disclaimer… I would say go for it with caution.  My counsel is that the only way to raise prices in this economy is to add some value.  Here is an example, unlimited phone calls for a select group of individual or business clients?  Put another way, you do not need to do this for every client.  It could be just your top 20 or 30.  One size does not fit all.  Or possibly, it could be a quarterly financial review with your business clients.  Not sure what to do?  My suggestion would be to call some clients and ask them how you could help them?  Even better, take them to lunch!  If pricing is on your mind now is the time to do some analysis and talk with those you serve.


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