How do I increase profitability of products of my company?
The profit margin on a product is governed by the customer’s willingness to pay. You can increase the willingness to pay by:
a) Look at your company’s value chain and compare it with your closest competitors’ value chains.
b) Identify the inherent competitive advantage that lies in your company’s value chain
c) Examining your business strategy and identifying changes that will help you increase your competitive advantage.
d) Developing a revised strategic plan for your company
e) Field testing your new strategy plan
f) Looking at the impact of the strategic changes on your company’s business model
g) Modifying the business model and field testing the changes
h) Building a marketing strategy and plan for the new strategy
I have shared the outline of the changes required. Get your team together, and hire a competent consultant who can help you through the process.
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