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AM New York, Looking Twice at 'Good Business' Increase the price, decrease the sales Despite popular belief, pricing is not the most important factor that affects sales. Often, good advertising overcomes the effect of raising prices. "Many businesses believe that you must introduce lower pricing in order to raise sales," says Dr. Holland. "While lower prices often do increase unit sales, the use of aggressive wording such as 'great price', alongside higher price points has proven to be equally effective, and can more than double profits." Expensive materials will yield better results After conducting a test with a major U.S. retailer that was spending over $100 million per year to distribute circulars using top quality paper, ink and printing in the Sunday editions of major newspapers, Dr. Holland and his team discovered that changing to less expensive paper not only saved the company money, but also increased sales response. You need to spend money to make money Advertising is often perceived as a guaranteed means to increase sales and drive customer traffic. However... Request a reprint of the entire article. |
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