How 1% Price Change Could Give 11% Profit Increase
Price is a major determinant of the profitability of your business! A price change of as little as 1% can often lead to profit increases of up to 11%. A consultant study across 1,200 major businesses found that a 1-2% increase in price, assuming demand remained constant, on average would have increased the company’s profit by 11%. Clearly, this could be a quick boost to your company’s profitability.