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Grow: Will Lower Prices Increase Sales?

How Do You Boost Profits in a Recession?

In this recession we are all thinking that if we lower prices we will get more business…but guess what?  Price is a losing battle because when you discount your products or services you are driving your revenues down and your profit margins. Always remember, we are in business to make a profit.

Price cutting is NOT the answer:

Leverage the benefits of your products and services.

  • Give guarantees
  • Build sales with value
  • Gauge sales by phone calls, are customers calling you?
  • Gauge sales by clicks, is your website getting visitors?
  • Consider cause marketing; can a percentage of all sales be donated to your favorite charity or your customer’s favorite charity?
  • Be a better corporate citizen: publicize how you are going green by saving resources and preserving the environment.
  • Become more relevant to your customers educate them and help them this builds trust, credibility and loyalty.

Create value for customers and value is not just price.  Drive sales with the benefits you can offer.  Listen to your customers and stimulate sales through loyalty.  These are a few ideas that I learned when I attended Advertising Week in NYC.  Are there other ideas that you can share on how to keep your customers coming back.

Julie Brander - Business Mentor, SCORE New Haven
Julie has been a SCORE volunteer since 1997. She has 20 years of experience in business, starting a manufacturing, wholesale and retail jewelry company. After selling her business, she dedicated herself to helping other entrepreneurs start and expand their business. | @juliebrander | More from Julie


Marketing: Sound Advice for Sales Success
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Form a Connection. Deepen the Bond to Build Client Loyalty.

iStock_000000930358XSmall Ben Franklin was an entrepreneur with big ideas. While money doesn’t grow on trees, getting your big idea across to clients does bring in the green.

Franklin said, “Tell me and I forget. Teach me and I remember. Involve me and I learn.”

How do you involve and engage your clients, so they connect with you and your product or services? Sales success is all about forming that connection, so prospects become clients and clients become fans.

Ask a SCORE mentor online about marketing.
Read more: Ben Franklin’s advice.

Christine Banning, SCORE
View more posts by Christine

For 50 years, SCORE has helped aspiring and current small business owners achieve their dreams. Through a network of over 11,000 volunteer business mentors in 340+ chapters across the country, SCORE connects decades of business experience and knowledge with those who can best use it. | Facebook | @SCOREmentors | More from SCORE