photo credit: alancleaver_2000
Many business owners today are wondering how they are suppose to make money when the majority of their client base is spending less money. It seems like a catch 22 situation to most. Some experts tell you not to cut your prices as that will cause your customers to expect low prices even when times are good in the economy. A recent article posted on MaineBusiness.com suggests that that is not always the case.
A small mom and pop sort of business cut their prices even with having doubts about that causing the idea that their services and products were of cheaper quality. However, it seemed to work wonderfully for their business and it did not give the impression that their products were of cheap quality.
They’re not selling discounted goods. They’re helping businesses survive a recession. That’s a big opportunity in this economy. Everyone is looking to cut costs. And if you can help someone spend less, you deserve a piece of that.
How do you make money when your clients are spending less?