Why price changes can boost sales
I want to issue a challenge to you today. To have the courage to take a risk with your online business and change the prices on a few of your products. Let me explain why this could help to boost your online profits like never before.
I own a great old muscle car that has almost tripled in value since I bought it 15 years ago. Now most people perceive my car to have more value now simply because the bluebook price is higher. I haven’t done anything to improve the car since I bought it. The reason it carries more value is because the asking price is much higher than 15 years ago, obviously.
Once something carries a high price tag, people naturally assume it is more valuable. Which is why retailers raise prices on such things as a double din car stereo or a bamboo cutting board,, trying to find that magical pricing point that will skyrocket sales and put more money into their pockets.
Raising the price on something won’t always boost sales; sometimes a lower price will. This is why you need to always keep testing. When you find the pricing point that your product sells best at, you should see a dramatic improvement in your profits.
