Rule 8 – Never Discount Your Prices
Cutting your prices is like driving down a
one way street. It’s hard to turn around and go the other way. Whilst your
competitors may reduce their prices, you need nerves of steel to maintain
yours. Once cut, it is difficult to justify raising them again. Rather than
cutting your prices, now is the best time to offer additional value, products
or services. Try segmenting your customer base now that you have a CRM package
- set up a multi-tiered programme of telephone contact and mailings, and offer
special support or additional services to the customers who generate the
greatest sales or profits.
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