If you had to raise your prices 50%, how would you maintain sales?
On the flip side, lowering your prices can lead to brutality. It’s a race to the bottom..and the problem with that is you might win. Even worse, you might come in second.
With raising your prices, it forces the challenge to earn a sale. The question becomes, are you worth it?
When small businesses play the low price game, they are often struggling. Struggling for profit, marketing and sales/service training. In other words, you can’t afford to acquire the customer.
So, if you had to raise your prices 50% overnight, what would you do to maintain sales? Your answer, is what you need to do more of. This is what separates you from others. This is why customers buy from you. It’s what customers remember.
It could be your expertise in helping a customer select a specific brand or style. It could be the ease of a transaction. Or, it might be the trust you earn by spending time with them prior to your customers transaction.