Woman Owned: The Growth Podcast for Women Entrepreneurs [FFL 399] Should you Cut Your Prices In a Downturn?
Should you reduce your prices in the face of an economic downturn? This is a question many fierce feminine leaders and entrepreneurs are asking as we continue to face economic uncertainty around the world and develop a strategy to position our businesses to weather the storm. While cutting our prices may seem like the obvious solution to surviving an economic crisis, there are other ways to safeguard your business and position yourself for success.
Today, I explain why I believe cutting your prices during an economic downturn is a ‘knee-jerk’ reaction for many business leaders and the long-term impact it can have on your business - long after the recession has ended. I highlight the importance of being creative with meeting your customers where they are and share alternative strategies you can use to continue building your business without reducing your prices. I also highlight what you should and should not offer for free as well as how adding value can strategically link back to your sales process.
“The pricing decisions that you make today are going to impact your business, not only in the short-term but also for years after the economy recovers.” - Eleanor Beaton
Today on the Fierce Feminine Leadership Podcast:
- How the pricing decisions you make today will impact your business after the economy recovers
- Three reasons why prices tend to drop during a recession
- The importance of intentionality and integrity when determining your prices
- What cutting prices on your services trains customers to do
- Four pricing tips to help you get through this downturn as an entrepreneur
- The damaging assumption that many entrepreneurs make about selling services at full price during an economic crisis
- The trends I have observed in marketing and entrepreneurship over the past several weeks
- Why you shouldn’t be afraid to provide value for free, and how to use free resources as a path back to your sales process
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