Steer clear of seat-of-the-pants price cuts. — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
You may be trying to undercut competitors and attract business, but such a strategy will lose business in the long run, according to the Professional Pricing Society. That’s because competitors will follow suit, and value and quality will eventually win out. Advice: Don’t market products and services based on lower prices alone. Add value, or at least give customers the perception that you are doing so. Cut prices less than the competition but do it sooner. That way, you may not have to make deeper cuts as more competitors begin to slash prices. To learn more, go to www.pricingsociety.com.