Ways to Avoid Lowering Price

Many small businesses find themselves feeling pressure to lower their prices. It may come when a low-priced competitor shows up in your market, or when a pinched economy hits your industry. Yet few small businesses can afford to get themselves involved in a price war.

There are a handful of times when dropping prices makes sense; for example, when your cost of doing business has dropped and you want to pass along these savings. But if your existing prices are set to cover expenses and necessary profits, lowering them could damage the bottom line. What’s the answer? Watch the video, and consider using the tactics discussed there to attract and retain customers without getting out the red pen.