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Cut, Earn and Learn

Everyone is trying to figure out how to thrive in these tough economic times. OK, maybe not thrive; maybe just tread water until better times arrive. Reacting to the pessimistic economic reports and the hand-wringing commentators might have you discounting prices only to find that the perception is that you’ve discounted quality and service as well

Think before you act and come up with strategies that make sense now and will bode well for the future too:

Timing is Everything – Focus your promotion on discounted prices when your customers have the most to spend. Think about budget cycle, payday, or the beginning of the quarter.

Tailor a Solution – Ask your clients what they need and then create a mix of offerings, products or devices to meet the need they have, focusing on the affordability.

Create Something New – Create a discounted brand or offer coupons for specific products. If things are slow on a Monday or Friday, focus the deals on those days.

Think Like a Customer – What do your customers want to see? A 13 item dozen? Price points such as $99.95, or $4.99? Highlight the percentage saved on products and services. Create a discount for quantity. Throw in shipping.

Negotiate – Flexibility can indicate that you are more interested in the relationship than the specific sale. Offer a menu of options to choose from. As long as you are talking to current and potential clients, there is the possibility of doing business. Keep the conversation going by learning about their constraints and goals.

Our economic situation will improve eventually and when it does, you will have been able to keep your customers and perhaps attract news clients as well

This entry was posted on Friday, December 11th, 2009 at 3:00 pm. Both comments and pings are currently closed.