100 Thoughts on Pricing: #24
There are times where you have to face the reality that you are heavily underpricing your services or product. While it's important to remedy this situation by bringing your pricing up to market, you don't need to implement the entire change immediately. Phase the increases in over a period of months or quarters (but not years). Apply the full changes more quickly to prospects than existing customers. Give your people to who interact with customers the language to explain the increases and the boundaries they can work within to accommodate difficult negotiations.
Just don't stay underpriced.