03/02/2023
From one business owner to another, we know that at some point in your business' lifecycle, there will be a time when you aren't hitting your revenue goals and can't figure out why. You contemplate ways to fix it and the first idea that comes to mind is "maybe if I lower the price, people will buy more!"
*STOP!* Before you do that, think it through:
✨ How much will this impact my margins? (A lot probably!)
✨ Will I end up losing money if the same problem persists and not enough people buy? (More than likely, yes!)
✨ What about offering free trials or samples? (Gotta be careful here!)
Most importantly, if you lower the cost, you risk devaluing your product & your business, making you the less attractive offer in the market.
So before you lower your price, we recommend evaluating the product itself, conduct market research, reassess your marketing strategy & brand messaging. And finally, make sure you are actually reaching your target audience.
Questions? Shoot us a DM! We're always here to help.
