"We Suck" Selling

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Happy Friday! I have been checking out Jim Muehlhausen’s book, The 51 Fatal Business Errors and How To Avoid Them, courtesy of Ann Clifford, and there was one error that just rang out loud and clear and even made me giggle a little. It is, according to Jim (his last name is way to long for me to use, so we’ll refer to him as Jim for this blog):

Fatal Error #10:
“We Suck” Selling

Let me share what he says, which is so true.
“When I survey businesses, margin pressure is always #1 on the complaint list. It seems that everyone is susceptible to lowering their price to gain or keep market share. Don’t do it!
When you lower your price, you are saying, ‘Yeah, we have so little to offer the customer that we have no other option but to lower the price.’”

Jim offers a solution:

“If you are feeling price pressure, you must increase your VALUE to avoid lowering your prices. Remember, ‘value’ is defined by the customers.”

Okay, with that being said, what are we doing to add value to our businesses so we don’t have to trim down our prices during this ‘recession?’

Do you agree with Jim? Or do you feel at times we need to cut the price of our service or items in order to cater to our customers during a rough time?