Raise profits (or even maintain)...that's an important part of growing your business.
To do that you've got to understand the things that influence your profits and know how best to leverage them. Your goal isn't to raise profits just because you can. It's to do so in order to continue to be there for your customers. To build your business, shift and evolve and for some of you it's about leaving behind that your legacy.
How many profit levers does a business have?
Do you know what they are?
Are you fully leveraging them?
Most businesses are not fully leveraging pricing. Most often because they're so focused on the other levers. But here's the kicker, price is the most impactful profit lever. Meaning if you want to raise profits, price is often the MOST EFFECTIVE way to do it. Or in the converse it could be the thing that's draining your profits and sabotaging your efforts in other areas.
In this episode I share more about the profit levers and take a look at the things that influence profits and how that relates to what your doing with pricing.
Link to McKinsey Study: https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-power-of-pricing
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Need help optimizing your profits? Ready to get a view of where you can improve?
Download my self-assessment Pricing Scorecard or simply book a Discovery Call with me at www.thepricinglady.com.
Highlights:
0:00 Intro
0:44 Impact of 1%
1:59 Beyond finding a number
3:37 Your positioning
5:08 There are leaks
6:20 Offering & Costs
8:37 Competition & Customer
12:18 Elasticity
Ready to find out more? Book a call with me and let's talk about how to improve your profitability. https://janeneliston.com/discoverycall
Want the Scorecard: go to www.thepricinglady.com
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