Raise Prices on a Regular Basis

Raise prices on a regular basis Hershey raised wholesale prices for its chocolate bars twice last year.

According to published reports, the U.S.’s largest candy producer increased prices 4-5 percent in April and 13 percent at year’s end.

“The Hershey Co. defended the move, saying it is more exposed to the rising cost of milk and cocoa than its competitors, which include Mars and Nestle.”

Do you believe that consumers will eat less chocolate due to the increase?

Will Valentine’s Day sales suffer?

Is a Hershey’s ban imminent?

Your mission as a solo marketer, aside from providing customers with great products and service, is to monitor supply costs and adjust pricing whenever required. If you don’t follow this mission, it’s likely that you’ll be out of business in one year’s time.

Customers don’t want to pay more, but what they really don’t want is to find another supplier if you fail to stay in business.

So here’s the plan.

1. Make a list of your products, services, and pricing structure.
2. Review last year’s costs to determine any increases in monthly purchases (gas, paper, etc.).
3. Determine if materials’ prices will continue to rise (the answer is “yes).
4. Increase your prices.
5. Buy a chocolate bar and celebrate.

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