How to Increase Profitability – Part 2
In Part Two, we will review ways to increase revenue by covering the following topics:
Product Pricing - We will review different methods of product pricing and demonstrate how to determine the impact price changes will have on the number of units sold and gross profit.
Price Discounting Strategies - Entrepreneurs often resort to lowering prices when they can't figure out what else to do. We will review alternatives to price discounting first. We will then review nine price discounting strategies along with when to use them, if at all!
Product & Customer Profitability Analysis - The 80/20 rule states that 80% of your revenue and profit come from 20% of your customers. The same rule applies to products if you offer multiple products. This section will explain how to figure out which products and which customers are in the 20% and how to get more customers like them.
The Sales Funnel - The sales funnel tracks the various stages of a sale from identifying your target market through the closing of a sale. We will demonstrate all the stages, how to move prospects from one stage to the next and how to measure the number and value of prospects at each stage.
Tracking Metrics - This section will provide some Key Performance Indicators (or KPIs) you can use to track sales and profitability over time in order to make sure you are headed in the right direction.