How much will a 1% price increase boost your profits?
Pricing a product is a combination of both an art and a science. It requires a balance of financial considerations and personal values. A business owner must consider how a product or service contributes to overhead and how that will drive profitability, as well as how their pricing strategy will impact their marketing and competition. Prices can be set based on cost, or those of your competitors or the value you can create in the eyes of the customer - value based pricing. Steve Bird, one of our Business Growth Advisors explains the benefits of focusing on value.
