“Maybe our price is just too high.” I hear that often when troubleshooting sales issues for clients during my seminars and coaching sessions. My advice is always the same: price isn’t the problem.
Price says many things about what you are selling and about whom you consider as your ideal customer for your product or service. If you are already established in your market and you have set your prices competitively, then price-cutting is the last thing you should be thinking about as a solution to boosting sales.
With a low-price strategy, instead of attracting customers who appreciate dealing with professionals focused on excellence, you risk attracting buyers with no expectations other than that you’re, well, cheap. That makes it hard to create an emotional connection with customers, thus it’s less likely they’ll stick with you. Why should they? They chose you largely on price in the first place!
Focus instead on value, better options and benefits. Examine what customers are buying from you, what needs they have that compel them to make the decision to buy and why they choose to buy from you rather than from someone else.
Dedicated to increasing your sales,