Increase your Product Profit Margins with Katie Hunt of Proof to Product
Now more than ever, product shops need to be looking at their pricing and adjusting them. Between the pandemic and supply chain issues, you are paying more for raw materials and packaging materials than you ever did before. Looking at the numbers and data will help you make better pricing decisions. This week, episode 127 of the Product Powerhouse Podcast is about how to increase your product profit margins!
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Proof to Product founder, Katie Hunt is a business strategist, podcaster, mentor to creative entrepreneurs, and mama to four. She’s helped thousands of brands get their products on the shelves of retail stores like Target, Anthropologies, Nordstrom, and independent boutiques around the world. Katie has taught classes for CreativeLive, and she’s been featured on Forbes, Buzzfeed, Brit + Co, and dozens of business podcasts. Her strengths lie in connecting people and bringing strategic ideas to life.
In this episode of the Product Powerhouse Podcast, Katie Hunt and I are sharing the importance of knowing your numbers to make better decisions around the pricing of your products. We also discuss actionable steps you can take right now to increase the profit for your products.
Some of the talking points Katie and I go over in this episode include:
Taking the temperature of your business so you can make better decisions.
Four ways to increase your profit margins.
Preparing our product businesses for the recession.
The quickest way to increase your profit margins is to increase your prices. Frankly, the market demands that you raise your prices to keep your business healthy.
Thank you for listening! Be sure to tune in to all the episodes to receive tons of practical tips on growing your product shop and to hear even more about the points outlined above. If you enjoyed this episode, take a screenshot of the episode to post in your stories and tag me! And don’t forget to follow, rate and review the podcast and tell me your key takeaways!