 In tough times, salespeople tend to automatically reach for the lower-priced items, naturally assuming that when times are tough, pocketbooks are thin, and it is better to sell something than nothing.
Is it better to sell something than nothing?
Certainly the retailers think so. It seems like electronics and consumer goods are practically free right now. But what will they do when the economy comes back-and you know it will-and their pricing is near or below margin? I guess retailers have little choice in that they have to move items off the shelves-but is that our only option? Frankly, no!
The one-word answer to keeping your price integrity:
Value!
If you look a little bit deeper, you will see that what buyers look for when times are tight is value. They want to get more for their money-but that does not mean you have to lower your prices. Of course there are always exceptions but the idea that a tough economy means that prices must drop is short sided. You can add extra services to your products, repackage them and/or offer a discount when they purchase two- or three-times the usual amount. Sure, you have to work harder to get the business, and work harder to keep it. But when the world is back to normal, your prices will be right where they need to be and your customers will have received plenty of value from you when they needed it most. |
