3 Small Business Marketing Price Promotion Tips

Posted by m4bmarketing under Marketing
From http://www.m4bmarketing.com 5595 days ago
Made Hot by: MYOB on August 3, 2009 2:11 pm

A competitor has just started a 50% off price promotion. What do you do; panic and do your own 50% off price promotion, ignore it or quickly work out what is best for your business and customers?

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Comments

Written by lyceum
5593 days ago

Susan Oakes,

As an experienced purchaser I know the relation between quality, price and delivery (lead) time of a product. These parts combined is the total picture for a person involved in the supply chain. This combo is effecting the bottom line at the end. I often said to my suppliers: I want to you have a profit on your products, because I want you to be able to supply my organization with goods tomorrow and for a long time to come as long as we have a mutual agreement on the quality, price and delivery time of the product.

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Written by CindyKing
5593 days ago

As a consumer I know I do react to the price... but it really is a combination of factors. For example, a wrong price in an up-sell or a cross-sell can make me stop buying from someone I would normally have kept on my radar. This article definitely raises points to keep in mind.

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Written by ShawnHessinger
5595 days ago

Competing on price is probably a mistake. The question is, does your product have value? If your competitor's price cut drags off clients/customers, maybe something else is wrong.

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Written by m4bmarketing
5594 days ago

Good point Shawn and if they do not return, then it could be time to have a look at what you offer.

Sometimes, however customers can be drawn to a special price offer only to discover the competitor's product or service is not as good.

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