|Cutting Prices? Think Before You Slash|
|Copyright 2013 by Virgo Publishing.|
|Posted on: 04/24/2009|
According to a survey by the National Federation of Independent Business this past February, almost 30 percent of small business owners say they have lowered their prices. And, in the face of today’s economy, that is becoming a trend. But, in an article for BusinessWeek, business owners are reminded that discounting can be tricky and shouldn’t be something entered into impulsively.
To discount successfully, the article suggests six strategies, including:
1. Instead of discounting across the board, find out what your clients need. If money is the issue, you can change the way you present your products and services to emphasize what would be the best deal for them.
2. Target customers when they have money to spend. For most, the first week of the month is the time that they are most likely to be pulled in by promotions because they have just been paid, while the fourth week of the month is when buyers are waiting for that first-of-the-month payday.
For more on the other four strategies, click here.
BusinessWeek: An Expert's Guide To Discounting