Raise Your Prices in Small Increments
Use frequent (yet smaller) price changes. Avoid waiting until the moment of desperation.
Adjust prices based on the just noticeable difference (i.e., the difference that’s just noticeable)
If your price is $11, an increase to $20 will be more noticeable than an increase to $12.
It seems obvious, but many businesses fail here. They are scared to raise their price, so they wait until it’s absolutely necessary. By that point, however, they need to raise their price by a wide margin.
Plus, if your price stays the same for years, then customers become accustomed to this price. Any change will be highly noticeable.