When to Lower Your Price Point
The price debate is a yo-yo dilemma with serious consequences for your business. How do you know if you should be fighting for every penny or luring in customers with low-price deals? You'll pay the price if you swing the wrong way, so here's a guide to navigating the price point waters.
Pricing Scenarios
Before making any rash pricing decisions, step out of your role as entrepreneur and into the role of customer. Looking at the situation through a customer's eyes may shed light on how changing prices, even temporarily, could have a lasting impact on your business. Consider the following scenarios presented by Michal Ann Strahilevitz, associate professor of marketing at Golden Gate University.
Continue reading this article - and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5.
Entrepreneur Editors' Picks
-
This Founder Quit His 'Prison'-Like Teaching Job Within 2 Months. Now, He and His Sister Are Helping Other Teachers Leave the Classroom and Achieve Financial Freedom.
-
If You Focus on Problems, You'll Only Find More Problems. Here's How to Focus on Solutions.
-
Facing More Than 15 Years in Prison, This Founder Transformed His Hustle Into a Powerful Personal Brand and Business. Now, He's Giving Back in a Big Way.
-
Apple Asks This Jarring Interview Question as a Secret Way to Evaluate a Candidate
