My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.

Marketing

Should we raise our prices or maintain our existing prices in this economy?

Guest Writer
min read
Opinions expressed by Entrepreneur contributors are their own.
You’ve seen firsthand the harsh effect that discounting has on your bottom line.

The way around that is to raise prices and justify it by delivering more value than your competition--whether it is the quality of your crepes, your service, or the "added value" you can "give away" to customers, realizing that you are not really giving away anything . . . but rather enhancing the customer experience.

Creating a niche for yourself as a "premium" provider means you can enjoy higher margins while creating a brand and identity for yourself in the market.

Realize you'll lose some customers when you raise your prices; you always will. But they will "price shop" at your competition, and then your competitors will have to struggle with the fact they have more customers, but are serving them at a loss--a strategy you have already tried.

All the best. Brad Sugars.

More from Entrepreneur

Kathleen, Founder and CEO of Grayce & Co, a media and marketing consultancy, can help you develop a brand strategy, build marketing campaigns and learn how to balance work and life.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur