Elasticity of demand worksheet is used to measure the response to a sales letter or product. It will also help determine whether or not a particular product or letter is working for the company. The elasticity of demand worksheet answers the following questions: “what did we sell last week?” And “how much of that had we sold since the past month?”
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Once you test this you will know if the product is working or not. A low elasticity of demand means that there isn’t enough demand for it. If you sell too many tickets to a show, you may want to test the ticket price on your sales letter. Test if your marketing campaign is working. If you are only testing a portion of your sales letter, you are not seeing what is really happening.
If you want to sell more tickets to the show you want to test the pricing of your sales letter. Write down what you think the average price should be based on your sales and what your customers bought in the past. Write down what your customers should pay based on what they are actually paying.
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Don’t ever make the mistake of going by the average ticket price you wrote down in the middle of the road. Instead, make a table that is easy to read and a table with a little information about what is really happening. That way if someone reads the table they will have an idea of what they should be paying.
This worksheet answers the question of “What should the price of my ticket be?” And “What is the average ticket price of all the tickets sold in the past month?”
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The elasticity of demand worksheet answers the questions of “What should the price of my ticket be?” And “What is the average ticket price of all the tickets sold in the past month?” And “What do I need to do to increase sales?” If you want to increase sales you will need to change some of the marketing strategies you are using.
Dynamic markets require new ways of selling to your customer. Dynamic markets can get very complicated very quickly.
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Therefore you should only be changing the sales letter and not your marketing tactics. If you are changing marketing then you will lose your business and this isn’t something you should be doing if you want to make money with your marketing.
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