Is Reducing Price the Key to Sales in 2013?

Have you ever found yourself in a position where you thought of reducing your selling price in order to get more business?

It can be tempting. 


But ask yourself is a lower price what the customer really wants?  ‘Of course’ I hear you cry, doesn’t everybody?  After all why would you spend more on goods and services than you really had to?


But continually reducing your prices is a losing game.  After all, in every market place there can only be one supplier with the lowest price.  Can you really generate the volume of sales to justify a consistently low price?


In reality what customers want is value, which is not the same as low prices.  The challenge is to understand where you can you add the value.  It could be better after sales service, more choice, free delivery and so much more.


To some, pricing may not seem an issue as no one has questioned them on it.  This can lead to a false sense of security.  People only ask about your prices if there are seriously considering your goods or services.


If they’re not asking then you have a bigger issue - you haven’t marketed yourself in the best way and communicated clearly as to what you are about and where you can add value.


So, don’t come out in a cold sweat when a prospective customer tells you your competitor is offering a cheaper solution.  Think about the marketing thinking and planning you have undertaken to communicate why your price is what it is.

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Posted by: Nimish Sawjani on Dec 18, 2012
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