In the life cycle of most businesses, prices need to be raised. Whether you are a law firm that charges by the hour or a manufacturer that sells widgets, your cost of goods is likely to rise. So, your prices need to rise as well.

Raising prices can also raise the ire of your clients. Depending on the maturity of your business, your customer base and the percentage of increase you’d like to make, there are several ways to accomplish your goal without losing or upsetting customers.

The most common way to raise prices is to just do it across the board and then send a sincere letter to your customers saying, “Over the past 10 years, ABC Plumbing has worked hard to hold our prices steady. We’re proud of the fact that we’ll be able to contain our price increase to a very modest 2 percent . . .”

How about charging extra for special privileges? Access to a customer hotline that skips the “on hold” queue, for example, or upgrades in shipping or turnaround time. Today, one of the most valuable assets for most people is time. If you can save them time, they often will gladly pay extra.

Another way of looking at your pricing is by market segments. A business traveler who needs to be in Pittsburgh on Wednesday and back on Thursday will pay more for a plane ticket than a grandma planning a visit to her family. You probably have similar segments within your customer base.

No matter how you handle a price increase, one element is critical. Be upfront and demonstrate value. Your clients don’t begrudge you making a profit. They just want to get value for their dollar. Price increases can be a win/win if you think them through and handle them correctly.

Drew McLellan is Top Dog at McLellan Marketing Group and the author of “99.3 Random Acts of Marketing.” He can be reached at Drew@MclellanMarketing.com.