Price is often the go-to tactic small business owners use to get ahead. Everyone knows a big “Sale Going On Now” sign attracts consumers. But lowering prices at the wrong time could turn into a Going Out of Business Sale. So it’s important for owners to know when not to use lower prices to differentiate your small business from the competition.
Here are a few situations when small businesses may want to reconsider a decision to lower prices:
Smart business owners know that price is only one tool in their marketing toolbox. Here are a few alternatives that should be considered as part of your strategy:
Price is one way to stand out in your marketplace. But knowing when you shouldn’t lower it is priceless. Consider all the alternatives when formulating your marketing plan.