It’s the season of uncertainty and many business owners are feeling the pinch. Of course you have been thinking of ways out this season. You have considered dropping prices, doing sales or discounts, a million thoughts are crossing your mind daily on how to get a way forward.
It may be about Covid 19 or before and after it, you will come to that crossroad at a point in your business. But before deciding, sit back and consider these few points.
Lowering the prices and how it affects your business
Before you fixed a price, you have done the calculations of your time, materials used and profit before arriving at a price. If you lower the price, will you be eating into your profit or not? If you are not making enough profit, you are eating the business up gradually.
What if customers get worried about the quality of what you offer?
One of the dangers of too much or too often discount or sales is that your customers may think twice about your original prices and the quality of your products or services. If you personally see a very beautiful product and the quality looks really good but thebproce appears low, do you know you will think twice about the quality?.
You don’t want your customers thinking twice before purchasing from you or thinking your products are made from low quality materials.
The impression they get first,stays with them longer
Don’t leave first customers with the thought of ever doubting the quality of what you are selling or doing. They may never come back.
Your workspace should look attractive enough to worth the price you are charging. When the office environment doesn’t match the price, it affects your business. People generally attach value to what they can see.
Not having enough sales doesn’t always have to do with economy, if it does, then nobody is making money. But if you look around, in the midst of economic distress many businesses are making their profits still. This is one of the reasons you can not take your business front desk for granted.
Front desk is relative, could be your receptionists, secretary, showroom, reception area, the person who picks the phone calls or replies messages on emails and social media handles. They must not be the reason your sales are dropping.
Make your business attractive enough to keep customers coming back. Then you won’t need to be doing unnecessary price drops in the name of attracting more customers.
Your business development strategy is unique to your business. Research, consult, do your part and watch stress reduce while sakes grow.
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IBADANCITY FASHION COLLEGE is a leading Fashion and Entrepreneurship Development COLLEGE in Oyo State Nigeria. A Central Bank of Nigeria CBN certified and accredited Enterprise Development Institute assisting business owners access funding from CBN /NIRSAL.
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