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Maintaining Competitive Prices in the Tough Economy


Working from home is sometimes a challenge, especially as you try to maintain competitive prices in order to win new clients or keep your current ones. A tough financial economy makes business pricing even more difficult, yet is also the perfect time to be creative in your marketing endeavors.

Do Your Research

The most important thing you should do to successfully brand your business and maintain competitiveness in this current recession is to do avid research. Research your direct competitors. This must be done at a local level. It also needs to be done at a national level if you have an internet presence. 

Find out what other companies in your field are charging for products and services. It is going to be more competitive in big city areas such as New York, Chicago and Los Angeles, so don't use that to gauge your pricing. Research the going rates of the competition in your local area to have a realistic picture of what to charge. 

Use Demographic Information

If you are marketing and selling to the demographic group of first time parents, for instance, cater to their income level and financial situation. The same goes for college students or senior citizens; whatever your focus group is, cater to them. 

Make Special Offers

Offering something extra is always a way to remain competitive with your home business. If it is products you are selling, offer free shipping. If you are trying to reach a certain dollar amount with each sale, offer a bonus when potential consumers reach that amount. 

Another option is to offer them a choice. For instance, ask whether they would prefer free shipping or a free bonus product with their order.  Everyone loves choices and everyone loves a freebie.

Offer a first-time buyer offer. Give a percentage off to new clients and customers. 

Use Online Resources

Use the online social networking websites to your advantage. Sites like Facebook, MySpace, Twitter and LinkedIn can help your company keep its competitive edge. Register for an account and keep clients posted everyday about your business happenings. 

Offer daily specials through networking sites and bonus discounts for clients and customers that provide you with referrals. 

Start a blog on your website where new clients can read about current and upcoming specials. 

Use Local Resources

Attend local business association meetings, trade shows and city networking luncheons to promote your business. Offer discounts to members or give out coupons to those who provide referrals to your business.

Make Your Business Stand Out

Search for holes in the market. Whatever your product or service is, find something that makes your product unique and focus on that element. When you can fill a hole by offering something unique, you can remain competitive without lowering your prices.

Think outside the box and be willing to go the extra mile. Your clients or customers will stick with you when you provide outstanding service and timely discounts and specials. Once you have developed a relationship based on mutual trust and satisfaction, you will have long standing clients that are happy to provide referrals.

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