Price Matters

28 09 2011

For all the statements about product mix and customer service, in this economy, price matters. And for small businesses, price really matters. Customer culture these days encompasses all forms of comparing, contrasting, searching online, hemming-and-hawing, and pretty much analyzing a purchase to death sometimes. What to do?

Well, doing research can help get your bearings. Research what your competition is doing. Research the worth of changing prices. Also, try taking the focus off pricing and research options beyond price changes to improve your margins or consumer behavior. Here are a few resources for each:

Researching your competition:

Researching the worth of changing prices.

Researching other options beyond changing prices.

These resources should help you to gauge where your business stands on price and how much that rank matters. In the end, you’ll likely understand your business much more thoroughly, which isn’t a bad thing either. Because your pricing contributes to your business’ brand, it’s important to know your reasoning behind it – and your reasoning behind changing prices if that’s the route you wish to go.

Photo courtesy of Mediabistro.

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