T is for TestingThe A to Z of Profit Growth – T is for Testing

 

It’s time for the next A to Z of Profit Growth… This week T is for Testing!

If you’d like more advice on how to increase your profits, we offer a free 1-2-1 discovery session. Call us on 0161 410 0016 to arrange a time that suits you. We hope to hear from you soon!

 

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KMA The A to Z of Profit Growth – T is for Testing

That’s it for this week’s edition. Watch out for next weeks episode.

If we can help with anything included in this edition or if you’d like to talk to us about anything Accountancy or Business development, then call us now on 0161 410 0016.

 

Hi, Kim here with your next profit growth advice. T is for testing. It’s way of trying new things and determining the best plan for your business. One example of testing is changing the price of your products within selected segments of your customer base to see how they react. If you increase the price and demand doesn’t fall, you can carry on gradually increasing until something changes. Testing the waters is a great way of determining just how much your customers value your product.

You never know. You may find that you’re really underselling yourself. And don’t worry, if demand immediately falls, you can simply set your prices back to the original. In reality, though, you will find that you may lose one or two customers, but the increase in sales revenue will far outweigh that. I have a chart which shows what the effect of increasing and discounting your prices is. So give me a shout if you’d like a copy. Good luck.

 

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