photo credit: zieak
Many business owners during rough economic times think it’s best to lower prices in order to keep their existing customers and stay a float in the economy. There are a few problems however with lowering your prices. It can be more costly for your company to lower it’s prices compared to the profits you will make.
Always remember that when lowering your prices that it will be very difficult to raise them again in the future due to your clients being use to low prices and not wanting to pay more at a later date whether the times are good again or not.
Before you decide to lower your prices, think about the message you are conveying to your customers and clients. First, reducing your prices makes you look in desperate need of business. And when you look desperate, your customers will lose confidence in you and your business. People want to do business with successful companies — ones they will be being around next week. Stated on Open Forum.
Customers actually don’t mind paying for quality products and services, so try convincing the point of view that your products and or services offered are that of highest quality, something that will work timely and last for quite a long time.