Many small business owners have spent a lot of time debating whether they should lower their prices during the recession or keep them consistent. While lowering prices may be a quick fix, it may make your business seem desperate-at least during the recession.
Susan Reid of Small Biz Trends discusses that this may be the best time to lower your prices. As we slowly start to recover from the recession, consumers will begin to spend more money. As Reid puts it, “As consumer confidence grows, so should your business. And what better way to attract new customers than by offering them a smoking economic recovery deal by lowering your prices temporarily?”
Lowering Prices While Maintaining Your Brand
Be Bold. Let your customers know you are cutting your prices by using bold language such as “Two Week Economic Recovery Sale: Half Off All Services”
Clearly State When You Will Return to Regular Prices. While offering discounts and sales are great, it is important to let your customers know when you will be returning to regular prices.
Clear Call to Action. Using email marketing, social networking, and advertising to let your existing and new customers know about your reduced prices.
Check out the full article about economic recovery by Susan Reid.