Should you cut prices during a recession?By
According to a survey by the National Federation of Independent Business, nearly 30% of small business owners have lowered their prices.
When setting your own prices, consider these ideas:
>> Be flexible – offer a wide variety of pricing options to win
over and keep risk-averse customers.
>> Customize – ask your clients what they need, and then change
your mix of offerings to emphasize the most affordable.
>> Target customers when they have the most cash – the first
week of the month after shoppers have received their pay checks
is usually the best time.
Source: Evans, Teri, “Slash & Earn,” BusinessWeek SmallBiz.
This article appears courtesy of Bob Bly, Direct Response Letter. www.bly.com