One of the easiest ways to increase sales is to offer bundled packages. Yet the management of this company refused to give customers a choice of buying several pictures at a reduced price once they’d bought the first one. It would appear that they wanted the full profit on each sale.
Here’s the problem that comes from holding the line on prices in this unique case:
Net profit (technically net profit before interest and taxes)
To find the right price point will take additional work. Nevertheless, in this particular scenario and for any similar business, putting together a bundled package to encourage customers to buy more would have a significant impact on profits. As it is, any pictures not bought get trashed.
Pricing is a balancing act. You may want to involve someone who understands business finance, as opposed to tax accounting.
While sales people are inclined to discount too soon and too much, the other extreme is shown by this vendor who refuses to create photo bundles to encourage customers to buy more of the pictures already shot and printed up. Another package would be to offer much reduced pricing on reprints of the same picture.
Of the ways to increase sales, one of the easiest is through offering customers package pricing. It entices customers to get that little bit extra now while it’s at a lower price. Be careful though not to get so aggressive you undermine the value of your product or go in the hole. The idea is to also increase your profits.
My first Kindle eBook, How Relationship Selling Rewards Small Businesses, went live on April 24, 2012. https://amzn.to/2BaP2AH I've lived a lifetime of service and spiritual search so it's natural for me to incorporate these attitudes into my work. I believe that selling and marketing are spiritual service when done with a heart-centered, relationship selling approach. All of business success comes down to building strong relationships.
Look at Your Small Business with New Eyes in 2017
Marketing Strategies: What do you need to know to avoid wasting time and money?
What Is at the Heart of a Successful Customer Loyalty Program?
How Do Customer Loyalty Programs Work to Keep Your Customers?
Are There Times When Cutting Costs Is a Mistake?
Judith and Jim Share How to Build Your Business As You Grow Your Self
Bridging Heart & Marketing 4 teaches how to build your business and grow yourself
Resist the Urge to Give Away Your Services