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There’s a lot of pressure in the market these days to reduce prices. It’s not exactly new, of course, but it seems that the recession has been particularly tough on some industries.
There’s some products where the pricing is pretty clear. It costs you $X to build the product, you need a bit of markup to cover your costs, and that’s the price. Or perhaps your industry is so mature that everyone knows the expected price of a product.
This seems to be especially true of things people buy all the time, anywhere from a can of soda to a box of nails.
But many products and services aren’t this way. Read the rest of this entry »
I’m going to talk about a taboo subject today: raising your prices.
There’s an incredible amount of fear and angst in this area:
- “The products aren’t worth it”
- “We’ll lose our customers”
- “People are still pinching pennies”
- “People will think we’re ripping them off”
- “Our competitors will have a field day”
As you know, I’m not exactly a fan of social coupon sites like Groupon, LivingSocial, and DealChicken. So I was excited to hear about a success story today with a friend who used LivingSocial for her business.
I’ve talked with many people about Groupon, LivingSocial, Deal Chicken, and other kinds of deep-discount programs. I have to confess that I’m not a huge fan, because they can be extremely dangerous to your business.
I ran across a couple of articles today that help bring this into focus:
Business Coaching Northern Colorado 