One of the main problems with cutting prices is trying to raise them again once conditions improve. And there’s the question of whether lower prices indicate lower quality of your goods or services.

 

There are alternatives, such as improving the value of your product or offering a limited-time-only discount. If you’re in retail you can always advertise a “loss leader” – a single item priced below cost to get your customers in the door.

 

There are lots of other considerations. One of the best – and most concise – articles I’ve found is this one from the SCORE Ask an Expert blog. Take a look.

 

If you have other ideas or options, please share them with other community members. We’re all in this together.

 

Shari Willman

Product Marketing & Management