How do you adjust prices to maximize your revenue?

Asked 2 years ago

I don't know where to begin when it comes to optimizing my product prices. How do you know if it should be going down or up?

Product prices Increase sale Optimize pricing Revenue

Abeeha Qasmi

Monday, January 31, 2022

To maximize your revenue, you need to:
Determine the per-product costs.
Establish a reasonable profit margin based on the WTP factor.
Do comprehensive research on your key competitors.
Think about using competitor price monitoring software.
Consider your unique selling proposition: the added value you provide to your customers.
Use the following method to calculate your price: Cost per product / (1 – Desired profit margin as a decimal)
Experiment and fine-tune your pricing.