When times are tough and the customers are reluctant to part with their money, it's tempting to cut prices to get stock moving. But will that help in the long run? Jon Manning, from Pricing Prophets.com, says adding value to your product or service is a better way to go, and will help restore margins when trade picks up again. Customers are interested in value for money - listen to them, keep stock inventories at a reasonable level, and avoid cost-plus pricing. And remember that a small change in pricing, perhaps as little as one percent, can mean the difference between profit and loss.
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