Yes, there is a logical process to executing a price increase.

1. Know your strategy / establish expectations.
2. Sell objective internally.
3. Determine / isolate customer’s key benefits.
4.  Understand the customer’s decision-making timeline.
5. Isolate key contacts.
6. Develop data / F.D.P.O.V.
7.  Signal expectation.
8. Formalize expectation.
9. Gain commitment.
10. Reinforce F.D.P.O.V.

To listen to a podcast of Mark Hunter elaborating on this list, click on the following link.

Pricing Timeline Podcast

Mark Hunter, “The Sales Hunter”, is a sales expert who speaks to thousands each year on how to increase their sales profitability.  For more information or to receive a free weekly sales tip via email, contact “The Sales Hunter” at www.TheSalesHunter.com.

Reprinting of this article is welcomed as long as the following is included: 
Mark Hunter, "The Sales Hunter", www.TheSalesHunter.com, © 2007