The highest priority for any entrepreneur is to increase the profitability of the business they do. There are many ways to achieve this goal, and one of them is to increase the price of a product or service. But you need to do this wisely and according to some rules.
Instructions
Step 1
Just raise the price of the product, you don't have to make any significant changes to the offer. Of course, if you do not intend to significantly raise the price, in this case you will have to justify these actions and provide a new commercial offer with a new price.
Step 2
Get even more value from raising the price of a product or service. You can make good money even before the price is changed upwards. To do this, announce the price increase in advance. Tie it to a specific date. And the sooner it comes, the better. Announce to the target audience that from that number the price of the product will be increased. Be sure to mention that if the buyer wants to receive the product at the old price, then he should make the purchase faster. Add the phrase: "the quantity of goods is limited". This has an effect on the psychology of the buyer.
Step 3
Determine by what percentage you will raise the price indicator. Try it out by testing it first. Raise the indicator by 10 or 20% first. See how demand changes. It is possible that there will be a decrease in the number of sales. But if the number of sales does not drop much when the price rises, then the profit in absolute terms will still increase.
Step 4
Make sure that after increasing the price of a product or service, your product becomes more attractive to the buyer. Add special promotions or a certain number of bonuses. You can introduce an after-sales service or offer an extended product warranty. So your product will become much more attractive, even if the price for it rises.
Step 5
The red price always attracts the buyer. Place the product in the most conspicuous place, even if you raise the price, but it will be on a red background, this will give the buyer the impression of a profitable offer. Demand will certainly rise.
