Don't Drop Your Price!

Marketing in a challenged economy requires knowing where to focus time and energy. Lowering your prices is NOT the answer.

"The amazing thing about marketing during tough times is that high prices help," Levinson said. "Lower prices don't help because people with high prices get to say, 'During a rough economy the last thing you want to do is make mistakes with any money that you put out, and you can be assured by our price that you're not going to make a mistake such as you would be if you went with a lower priced product or service.'"

Here are some alternatives to lowering your price:

Say No. It’s ok to pass up a job if it means it is not worth your time and effort. You may get more benefit in the long run by referring someone else whose pricing is more in line with the request. Plus, you’ll earn IOU points with the other party.

Alter the Product/Service. If you lower your price now, in the future clients will expect to pay the same low price. If clients want a discount, figure out a way to give them a portion or a percentage of your services that are the most important to them, rather than the whole shebang. You can do less work for the price, but again, don't work for less.

Your customers and clients are facing new challenges and opportunities every day. Instead of giving in and dropping your prices, think creatively, and test out some new ways to package your products and services to appeal to more budget-conscience clients. Get started now at http://www.boostyourbottomline.com/fast_track/

© 2009 BoostYourBottomLine.com

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