MBA1035 Q&A Wednesday: How do I run a promotion without devaluing my product?
Sale prices can draw customers — but they can also send a bad message. It’s Q&A Wednesday, and one listener wants to know how to cut prices without harming the product’s real and perceived value. Whenever you lower the price of your product, even temporarily, you have more drawbacks to consider than just decreased revenue. Gaining more customers is always great, but if it comes at too high a cost to your bottom line and your reputation, you may find yourself wishing you’d charged more. High-end brands, for example, almost never employ sales or discounts. But that doesn’t mean you can’t. You just have to do it the right way. You can cut the price of your product for promotional reasons, without creating the perception that your product is “cheap.” Today, we discuss exactly how to create promotions that lower prices while raising your profile. Learn how it’s done — Click Play!