In a hyper-competitive market, or a down economy, the first impulse is to protect your sales by cutting your price. But you have better options.
There are two major drawbacks to cutting your price. First, it’s hard to raise it later. Second, it cheapens the image of your product.
Here are six other things you can do instead of cutting your price. What all of these things have in common is increasing the value the buyer receives from you.
[1.] Increase the quantity of what the buyer will get from you.
[2.] Increase the quality of what the buyer will get from you.
[3.] Add another product or service to your offer — either for free or at a reduced price.
[4.] Improve the delivery — when & where the buyer will receive their purchase from you.
[5.] Improve the payment plan — when & how the buyer will compensate you.
[6.] Reduce the risk & uncertainty of doing business with you.
Remember, price is only one aspect of your offer. You don’t have to cut your price to improve it. Give them more for their money instead.