Ten Different Ways to Improve Product Pricing
When it comes to product pricing, conventional wisdom says that you should balance your pricing with your sale rate.
You don’t want to price out your customers, after all. A McKinsey & Company study of the Global 1200 companies showed that if many of the organizations increased prices by only 1 percent, and demand remained constant, profits would increase by 11 percent on average. Using this same formula, a handful of the companies would even see significant profit increases, and these organizations include: Sears, 155%; McKesson, 100%; and Tyson, 81%.
Here are some steps to accomplish pricing changes:
- Explain to employees that it’s acceptable to increase pricing. After all, if the market can bear it, it’s fair game.
- Remember that each customer is different. You may recall this from past marketing, sales and product development endeavors, so why ignore it when it comes to pricing? Try to implement different pricing structures.
One of the greatest benefits of an uptick in pricing is that your profits will began to flow immediately. Read the full article for more pricing strategies.
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