Drop Your Price to Make the Sale - Without Getting Burned!By: Meredith Pond
Competition is tough these days. Consumers and business customers know you have competitors who will charge a lower price. In fact, they don't even have to check.
Customers have learned they can ask you for a lower price and often get it. If you don't offer some kind of concession, a big percentage of your prospects will move on to another business who WILL give them a price cut.
Price cutting is more prevalent in some industries than others. I wouldn't dream of asking my doctor to drop his fee for an office visit, but I wouldn't think twice about asking the salesperson at the car dealership if they could knock a few hundred off the sticker price.
How do you drop your price without losing your profit? I mean, lots of sales are good (which you're likely to get if you drop your prices), but lots of sales that don't make a profit will bankrupt your business in a hurry. Here are a few tips:
Frankly, if your price is already among the
lowest, you may not need to drop it further
to get sales from those who might otherwise
want a price reduction. Simply point
out how your price is already lower than
what competitors charge, for a lot of people,
that will be enough.
© Copyright 2001, Meredith Pond
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