The Fastest Way To Increase Your Profits
The fastest way to increase your profits is to increase your prices.
Many business owners are fearful that they will lose customers if they increase prices.
Often business owners only increase prices when their suppliers increase prices – using this as a justification (mostly to the business owners themselves) for the price increase.
A key step to take before you increase your prices is to find out what you are selling – (hint – it is NOT your service or products).
The important thing to know is what your customers are getting from using your products or services – this may be different for different segments of your market.
So how do you find out what you are selling?
One way is through a 5 minute, 5 Question Survey:
What influenced you to buy from us in the first place?
- Why do you keep coming back to buy from us? (for regular customers).
- What are the 2 things the we do that irritates you? (for your “move away from” customers)
- What are the 2 things we could do better for you? (for your “move towards” customers)
- Will you recommend our products or services to your non-competing contacts? And, if you will, What will you say?
These questions help your customers to tell you what they are buying from you. They allow you to talk to your customers about the value they are getting, even when you have increased your prices.
If you would like to send me questions on this topic for your particular business – email me at email@example.com