How's That Working For You?

By Bella on May 12th, 2009

“The economy is terrible – blah-blah-blah …”

Sure it is, but there are just some luxuries or extras that people will not give up.  For me it’s a daily Cappucino and my tabloid mags – gotta have ‘em.

And here’s the thing – cappucino and tabloids haven’t gone down in price because the economy is “tanking”.

So … have your dropped your prices, even “temporarily”?  How is that working for you?  Are you aware that once you drop your prices, the odds of being successful at returning to your previous price are very low?

In a down economy it is necessary to increase the value of the service you offer without lowering your prices.

Lowering your prices, even for a short time, also means you may have to work harder (more clients) and it MAY mean having to deal with those potential clients that you don’t WANT (the “frugal” client who is always looking for a deal).

Keeping your prices the same (or even RAISING them) and offering added value for that price prevents the possibility of losing your current clients.

Look at your marketing efforts, look at what you’re offering for the value – has it helped or hurt you?  Are you working harder and making decisions that you really don’t want to in order to keep your head above water?

Is that what you really want to do?