This post will be short, sweet and to the point.
In a recession, slashing prices drastically might seem like a good idea, but is not a good way to go if you want your small business to survive and prosper in a recession. You need all of the revenue you can get during this time.
Why not do the opposite?
Instead of just slashing your prices, why not INCREASE the value of the product or service you are selling?
Figure out ways you can add something that has low (or no) cost to you, but high perceived (and actual) value to the customer.
What simple things can you add to what you’re selling?
Here are some ideas…
-You could add free training on how to effectively use your product or service to get the most value out of it.
-You could add some sort of additional discount on another product or service you offer.
-You could offer your customer a “viral coupon”. What I mean is that you could offer a special coupon to customers who purchase another of your products or services that gives them a good discount (not huge slashed discount), but they also get a coupon that they can share with a friend that would allow their friend to enjoy the same product or service at the same special discount.
These are just a few ideas. You’re only limited by your imagination!
Look around at what value added offers appeal to you and try to do something similar!
Do this today and watch what happens!