3 Small Business Marketing Price Promotion Tips

Posted by m4bmarketing under Marketing
From http://www.m4bmarketing.com 5379 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?

Who Voted for this Story

Top BizSugar Users

This week's most active BizSugar users. Join Them!

Comments

Written by lyceum
5377 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.

- 0 +

Written by CindyKing
5377 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.

- 0 +

Written by ShawnHessinger
5378 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.

- 1 +

Written by m4bmarketing
5378 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.

- 0 +