From the course: The 52 Best Sales Prospecting Tips

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Experiment with price elasticity

Experiment with price elasticity

From the course: The 52 Best Sales Prospecting Tips

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Experiment with price elasticity

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- Let's say you have a product that costs 200 pounds. It doesn't matter what the product is, whether it's physical or a service, but you're currently selling it at 200 pounds at a time. You're doing okay. You sell enough to just hit your target every month. Now let's say you have control of the pricing of that product. Should you test out different pricing? Well, yes, you should. You should always be testing out everything. And here's why. Let's say at the 200-pound price point, you're getting a 90% success rate. That's pretty good, isn't it? Most salespeople would only dream of selling at a 90% success rate. But why are you having such a high success rate? Other than your amazing selling ability, which I'm sure you learnt by watching my training videos, maybe it's because you're too cheap and then that one in 10 prospects are looking for a higher-quality product. So let's play with this a little bit. Let's try…

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