There are several reasons to test your pricing. They may include: never tested a price increase before; conversion rate is extremely high (suggesting that you're under-valuing your product or service); as well as sales are low (low sales of a product or service can also be caused by the market seeing your offering as inferior because of its low price).
Michael Zipursky is an author, marketing consultant and entrepreneur that has worked with companies throughout N. America, Europe and Asia in over 23 industries. His work has been featured in Maclean's, MarketingProfs, Marketing Magazine, and HR Executive. He is CEO of Consulting Success, a publishing, training and coaching company that helps consultants land more clients, increase their income and grow their business; and FreshGigs.ca, a jobsite specializing in marketing, advertising and design jobs.
There is a clear difference between successful entrepreneurs and those that struggle. Successful entrepreneurs focus almost exclusively on efforts that will make the biggest impact on their business. Considering most entrepreneurs have new ideas popping into their heads constantly throughout the day, maintaining laser-like focus is harder than it sounds.
09/24/2013 05:47 EDT
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