You might want to print these off – or bookmark this page for future reference.
And make sure your sales people see this first chart before they give a discount!!
for example, if you are making 5% profit and you give a price discount of 3%, you’ve got to sell an extra 130% to make the same amount of profit. And will you? Probably not!
If you’re making 10% profit and you give away a discount of just 2% you have to sell an extra 25%….
This is about the reverse: putting your prices UP:
So if you’re making 5% and you put your prices up by 5% then clearly you can afford to lose 50% of your business and still make the same profit. And of course you won’t lose that much. So you should do it!
If you’re making 3% and you put your price up by 10% (let’s go crazy!) you can afford to lose 77% of your customers. Will 23% decide to stay with you and pay 10% more? That’s what you must decide…
… and if you are making 8% and you just increase your price by 3% you can afford to lose up to 29% and make more profit. Interesting!
PS – You can use THIS COUPON to get my udemy on-line Negotiation Skills course for only £10!
Do us all a favour, Chris – Please put the phrase ” Chris Croft Training – ” at the start of your web page titles!
Then the bookmarks would be so much easier to find quickly – without having to always add a “Chris Croft” tag. 😉
Regards,
ahya
why?
Chris. Because Yahya is seeing you as a “brand”, where he can get value. Be happy about it. I would however not do it as I might end up with too many bookmarks named Chris Croft, seems ineffective. I will suggest a solution to Yahya. I just found your courses and you moved up into my top ten, you are clever, agreeable and of benevolent nature (if this is the right word for it). Have a great day, Chris.
Hi Yahya,
if Chris would do this then I’d end up with lots of bookmarks starting with the same.
I would have to delete his name as I am interested in the topic. I imagine you encounter the same issue on other websites and frankly said bookmarks (the browser feature is a very old idea ) have limits (bottleneck). I for example, use Evernote and it’s WebClipper addon for the browser for this kind of thing. So, perhaps you can also think about what you could do to improve the situation. Sometimes it’s worth it to review one’s system. ( I am a GTD believer btw and you might find “Getting things done” valuable too).
Anyhow, keep learning from good peolpe and applyit where you can.
Have a great day.