Pricing is a balancing process for many businesses. If your set price is too low it may affect your profitability, but if your price is set too high it might limit customer sales. Optimizing prices involves analyzing data to predict how customers may respond to the price and how businesses can maximize profitability. Just a 1% improvement in price can increase operating profits by 11.1%. That being said, how can businesses begin optimizing their set price? If you are interested in learning more check out the accompanying infographic below. It provides a step-by-step guide for how to begin the process as well as what data can be used to help begin optimizing prices for your business.
This blog has been provided by my guest Jeremy Zielie. He is a content marketing specialist at Straight North, a national digital marketing agency.
Infographic created by Clover Network