How To Implement A Price Decrease
A few posts back I covered When To Lower Your Prices. In this post we’ll look at the ways to implement a price decrease.
The most straight forward tactic is to simply reduce the price. You will want to include this exciting development in your marketing but you should consider how this comes across, you don’t want your loyal customers thinking that the quality of your products has gone down.
Incremental price reductions
An alternative to the above is smaller reductions to price over time.
This is a strategy used by larger supermarkets. The current products maintain current prices but cut price ‘value’ alternatives are introduced to compete with cheaper competitor’s products.
Instead of a direct price reduction you can increase sales promotions. You can also be more open to being negotiated down on price.
You can bundle products together to create ‘value’ packages that are cheaper than buying products separately.
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