On the "Price Is Right" TV game show, emcee Bob Barker asks players to guess the market prices of boats, jewelry, major appliances, and other consumer goods. The contestant who comes closest to the actual price -- without going over -- takes home the loot.

Just as in business, if the price you name is too high, you lose! And if your rival prices the item closer to its actual value (still not exceeding the actual price) ... you still lose!

But in business, successful pricing depends on the customers' appraisal. The closer your price to their evaluation, the better. If they consider your price too high, they won't buy and your revenues will suffer. If your competitors' prices are below, and close to, the perceived value - and yours are still lower - your revenues may benefit but you're giving away unnecessary margins.

Not raising prices is one of the costliest errors in business.

If someone offered you a sure-fire way to double your profits, you'd jump at the chance. And if you knew that a 10-percent price increase would double your profit margin, you'd undoubtedly go for it. Doubling their margins is exactly what would happen if the typical U.S. business raised its prices 10 percent. Right pricing can dramatically improve profit margins for minimal cost.

Do you need a price increase?

• When was the last time you raised prices? Have you been focusing on cost and ignoring the other side of the profit equation?

• Why do customers buy from you? Because of price? Or is low price an excuse for not offering something of value?

• How do your product's (or service's) benefits compare with the competition's? If you're offering more, you should be charging MORE, NOT LESS!

Companies may be timid about raising prices for fear customers will look elsewhere. But if the new price is in line with buyers' perceptions of its value, such fears are unwarranted. Some customers may jump ship ... but the net gain (additional revenues from the increase minus lost revenues from lost customers) is often worth it.

Today it may be your turn to play the "Price is Right." If the time is right, you have nothing to lose ... and everything to gain.