Take your product lines to the next level and step ahead of your competition through innovation. By conducting a company pricing strategy, surveying existing and potential customers and acting on their suggestions, you just might come up with the next must-have product or service in the industry.
Are you reaching the right markets, and are there new markets developing that you can effectively tap into? Using pricing strategy consulting and mystery shopping services, you can find new markets to expand your business and increase revenue.
While acquiring new customers is a huge bonus to increasing revenue, we all also know that the acquisition process can cost up to five times more than simply focusing on customer retention. Through your retention efforts, initiate a referral program that incentivizes current customers to acquire new prospects for you.
Evaluate your vendors and suppliers regularly to ensure you are receiving the best prices and discounts. To touch back on an earlier point, you can also decrease costs by implementing training programs that reduce errors and waste from staff.
Where do your prices stand against your competition? Are you charging too little or too much? Are there opportunities for you to increase revenue by increasing prices without decreasing sales?
Mystery shopping can help you identify strategies to improve profitability, as well as an effective pricing structure for your business.
Analyze which products and services are essential for your brand and which are nonessentials that can be removed from your inventory. Start a routine inventory check to evaluate what is and is not doing well for you and your business. Optimizing your inventory will help you reduce waste and decrease costs.
Learn to deliver a better customer experience than your competitors, strengthen your brand loyalty and increase customer retention through a successful mystery shopping program. Higher customer loyalty leads to increased profitability and allows for a stronger pricing model.
SeeLevel HX mystery shoppers and team of experts can identify customers’ sentiments with your products and services, your employees, your current pricing model and the overall customer experience your brand provides. We can even conduct a pricing strategy analysis of the same information from your competitors for comparison.
From that data, our team can deliver actionable insights to help your business shift its efforts to increase revenue and decrease costs so you can obtain a higher profitability and step ahead of your competition.