There is no easier or faster way to increase your profits than to increase your prices.
Sounds scary, right?
Let me give you an example:
You sell a widget for $100 and decide to increase the price 10% to $110
You may lose a few customers, but they are likely your biggest price shoppers, and they likely don't show any loyalty or patronage
Those same customers will beat you down price-wise every chance they get
And they will leave you in a heartbeat for the next business willing to accept a financial beat down
But do you care?
The additional $10 is pure profit and bolsters a 33% increase in profit
You would need to sell 33.3 widgets at $100/ea to make $1000 profit
But you only need to sell 25 widgets at $110/ea to make $1000 profit
That means - just to break even - you would have to LOSE 25% of your customers over a measly 10% price increase
And that simply isnt going to happen
Of course, a thorough price analysis is needed to determine the most appropriate price increase for you - from your true value (and differentiation) through a competitive analysis.
Regardless, don't fear the price increase. But don't be reckless, either.
