Raise price, frequency of purchase, quantity of purchase!
To make your business prosper and grow, it is necessary to understand the principles on which your business growth will be based. Raising prices, frequency of purchase and quantity of purchase are critical to your business survival and growth. Business is based on principles. The best ways to expand and grow your business is to follow these 3 basic principles.
Raise Price: Inflation forces retailers to raise the price of goods. There is no such thing as static price and businesses everywhere are forced to raise prices on goods in order to stay in profit. The problem facing businesses is the fact that consumers see price raises in a different light. They see it as price gauging, and feel that the business is taking advantage of them.
You must be careful when you raise prices to be sure that the sales do not go down. Here are some points to help pacify customers when price raises confront them:
1. Try to add value: this will help to justify price raises in the consumers eyes
2. Raise prices gradually: buyers can tolerate 50c or a dollar, but if you do bigger price hikes you will lose...