Companies are doing what they can to keep business flowing. Cutting staff, cutting salaries and eliminating perks. Some are even cutting prices on their products and services. I don’t believe price reduction is the best course to take.
Is what you have to offer any less valuable today than it was before? If you “devalue” your service now, will you ever be able to prove to your client base that … ”Well, we were really worth full price all the time but we decided to cut our prices for a while… but now we are back to what we SHOULD have been charging all along.”?
Unless you can justify a lower price, be it lower material costs, shipping costs or overhead, why would you charge a customer less? To keep their business? To remain above water? Most business I know will do “whatever it takes”, even if that includes price cutting. However, I would ask you to think before you do. Would you rather have a few less customers today or a lower valued product forever?
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