It is hard in, especially when times are tough, to hold your
nerve and not cut prices. But slashing costs is nearly always a short term
solution that gives you long term problems. Here are 7 tips to help you hold
your prices.
1.
Start negotiations
high. It may sound obvious, but if your initial price is low, when negotiations
start there is no room for maneuver. Don’t believe that if you give an honest
price that people won’t negotiate – they will!
2.
Negotiate on other
terms not core price – if you want a 2 year deal, start with 3 or 5 and be
prepared to come down rather than offering 2 to start with. If you want to sell
50 of your product, start with a package of 100 and work down from there.
3.
Be clear on what makes
you better than your competitors and how that benefits your customers. Be
prepared to stick to that throughout – why should your price be the same if you
offer more?
4.
Build a low price
offer on a standard product – then make money on all the add-ons, for example:
postage, subscription services, hand-delivery, out of hours support, unique
products and services and so on.
5.
If you add new
services, improve products and so on, make sure your customers know about it –
and what it is worth.
6.
Focus on customers who
are not only driven by price – there are plenty of people out there who want
the best service or better products not the cheapest.
7.
Believe in your
business! Don’t fall for short term sales that does not build your business
long term profit. You may lose the occasional sale if you hold your prices, but
you will gain in the long run.
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