Retail adviser Tom Shay offers retailers a helpful tool on his Web site. Called the “If You Lower Your Price Calculator,” the device, Shay says, “helps you answer an age-old question: ‘Will I sell more if I lower the price?'”
While that may be the initial question, he says, the correct question should be: “If I lower my price, will the increased sales produce more profit overall?
“After all, we should be more interested in profit than gross revenue,” according to Shay. “It is profit that counts. This calculator will help you to determine just how many you have to sell at the reduced price so that you are making as much, or more, profit.”
Give it a try right here.