MBA1262 Is it OK to Lower Your Prices? + Free Ride Friday!
Every business owner would love to get more money for each unit they sell. Raising your prices is understood to be a natural part of growth as the years go by. But what about lowering them? Is it ever appropriate?
Is it ever smart?
It’s easy to assume that lowering prices sends a bad signal, or represents a step backwards. But we’ve seen companies that strategically lowered their prices in ways that added to the overall value of the business. There is a right time to do it — you just have to recognize it.
Today, we’ll explain how to determine if your prices are in need of a trim, and if doing so would be wise. We’ll discuss how to experiment with price changes in a way that’s low-risk, plus point out some examples of when not to lower them.
It’s a counterintuitive strategy, but it might just work for you. Click Play!
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