Q&A: “I sold more by raising my prices—is that wrong??”

Notes from Chris

Episode 2055

Today’s listener has a moral dilemma: they made more money by raising their prices!

(Wait, what’s wrong with that? Listen to their question to find out.)

"This is more of an observation than a question, but I guess I'm wondering how common it is. I sell hula hoops and party games on an ecommerce website. I know that sales and discounts motivate buyers, and you talked recently about having a permanent sale.

I decided to try something: I made a coupon code for 20% off everything in my shop, but I actually raised most of the prices in advance, so that the discount was more perception than reality. Guess what? I sold a lot more! I even made sales to customers without the coupon code, which surprised me.

Have you heard of this happening before? Do you think this is something others should try? Lastly, I don't think I'm doing anything unethical with this strategy, but I'd like to get your take on it."

Listen to today's episode to learn more...

 

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SEE ALSO:

• Catholic Designer Creates Stylish Apparel Line: What shall it profit a man to gain the whole world but not sell any t-shirts? This designer cast his bread upon the waters and ended up with a profitable fashion line.
• Seattle Couple Creates New “Income LiveStream”: When a married couple runs into logistical problems at their wedding, it leads to an innovative service that other engaged couples need during the pandemic.
• Role-Playing Pastor Rolls The Dice On $2800/Month Hustle: Listener success story! This Presbyterian minister turns to his lifelong interest in role-playing games to set up a sustainable second income source.

Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,