What is price? Price refers to the amount paid by a customer to purchase a good or service. Companies wish to increase prices of their products in order to increase sales revenue.
Let’s take a look at ten ways of increasing prices without actually charging customers more at the time of purchase of the product.
1. Revise the discount structure.
2. Change the minimum order size.
3. Charge for delivery and special services.
4. Invoice for repairs on serviced equipment.
5. Charge for engineering, assembling, installation, calibration, maintenance.
6. Charge for overtime on rushed orders.
7. Collect interest on overdue accounts.
8. Produce less of the lower profit margin models in the line.
9. Write penalty clauses into contracts.
10. Change the physical characteristics of the product.
As you see, you can increase prices of products in various ways without changing the label price.
