The 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!

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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.

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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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