Pricing during an economic downturn or recession is tricky, as it requires considerable thought and is fraught with dangers. The right pricing, however, can help a company compete and even thrive during difficult economic times, according to Reed Holden and Mark Burton. Reed Holden, DBA, and Mark Burton are leading pricing authorities and co-founders of Holden Advisors, a consultancy that works with business-to-business firms to design and implement value-driven pricing strategies that increase profitability in highly competitive markets.
I hope you find these tips as useful as we did here at BuyDomains.
These two advisors on pricing argue that during a recession, a company may be tempted to reduce prices in order to sell more or hold onto market share. In doing so, company managers will create two serious problems:
- In a mature/declining market, dropping prices will only cause price wars, eliminate profits, and cause revenues to decline.
- Dropping prices reduces confidence in your high-value products and services rather than increasing sales of your lower value products and services. That causes the above mentioned problem to worsen, and makes recovery much more difficult once the economy strengthens.
Read the whole article to find out more! »
Click here to read more pricing articles by Holden Advisors! »
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RubberStamps.net — Search Engine Success
BuyDomains Customer Since: 2004
Domain Name: www.RubberStamps.net
Our website, RubberStamps.net, was purchased in May of 2005 and online our
ordering/ecommerce site went live in November of that same year. Since then we have risen to the top 10 for our main search phrase on Google, MSN and Yahoo!
Purchasing an easy to remember domain name has helped greatly with our branding, and our revenues have grown steadily each month. Instead of finding and soliciting customers, they find us first!"
— Gwendolyn Lee, RubberStamps.net
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If you read the first article on pricing strategies during a tough economy, you may have learned that dropping prices across the board can be dangerous for the financial health of your business. Instead, pricing experts recommend that you offer a lower cost alternative of your products or services.
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