We promised to 3X profits, and we did in 30 minutes. The million dollar question is, how did we do it?
Well, we didn’t ramp up marketing, improve the offer, or even sell more products.
Instead, we cheated, took the shortcut and raised prices. Because the fact is, nothing boosts top-line growth faster than increasing prices.
Let’s keep things super simple and assume the following. Our price is $100 and our current cost (fixed + variable) comes to $80. That breaks down to:
In our hypothetical example, profits exploded. With just a 20% increase in price, we get 2X profits. That’s huge! But you may be thinking…
“But X, I can’t possibly raise my prices 20% — That’s too high.”
First, I think you can raise prices by 20% (see training invite below).
But for now, let’s assume 20% is too high. So how about 10%? How about 5%? Because the principle is the same. Small price hikes have a disproportionate impact on profits.
Summary: In short, a small price increase can equal BIG profit gains. This is especially true if you can raise prices and not see a decrease in demand or loss of customers. Which leaves us with ONE big question 👇🏾.
Learn how, at our next weekly X-Factor Live Training. We’ll discuss pricing strategies, give away our scripts, and answer your questions.
FREE X-FACTOR TRAINING
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