Everybody wants to help you make it through this tough economy, don’t they? Who to believe?
Tempting as it might be to drop your prices or sell a cheaper product, there is a chorus of voices out there all singing the same song: “Don’t do it!” Amid the cacophony are these useful bits of conventional wisdom:
- Customers have a short memory when it comes to price cuts. If the economy improves and you try to return to your pre-panic pricing, your customers might not come with you.
- Price is important, but if your customers are not satisfied with the quality, they will think they paid too much.
- You don’t have to exceed customer expectations; just make sure they are never disappointed.
- What’s your company’s stickiness level? Real loyalty goes beyond transactions to a mutually beneficial relationship that improves your customers’ competitiveness, too.
- When customers get pickier, mediocre products or poor customer service fall by the wayside.
- In a bad economy, customers want to feel safe. That means they will always go back to the companies they trust. Yes, integrity trumps even price.