Reviewing the prices of products and services can benefit business owners

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Reviewing the prices of products and services can benefit business owners

Surviving in a tough economic climate takes cunning and a willingness to innovate. As a result, business owners need to consider adopting strategies they may not have considered during better economic times, such as evaluating the prices of their products and services.

Even major brands need to make this tough decision periodically. For example, a recent issue of Esquire Magazine detailed a smart pricing move made by Coca-Cola. Instead of continuing to play cat and mouse with its biggest rival Pepsi Co., the folks at Coke decided to make a bold move by keeping their prices consistent. Because many of its customers were just as likely to buy Coke no matter the price, the company was able to increase its revenue even though overall sales declined a bit.

Business owners in other industries could benefit from taking another look at their pricing strategies. According to Entrepreneur Magazine, many business owners simply base their prices on the moves of their competitors. By doing this, those may be undervaluing the strength of their customer base. However, it’s also important to remember that this type of brand devotion takes time and a quality product.

Companies that can’t afford to make tweaks in their pricing strategies may want to look at cost-cutting initiatives that could help their bottom line. By switching to high-quality Dallas or Chicago business phones, businesses may be able to streamline their communications and offer a better service.

This type of innovation can help companies differentiate themselves from their competitors by enabling them to give their clients a better overall customer experience. A strategy like this, embraced over time, could eventually provide businesses with the clout they need to reexamine their prices.

Article on: Reviewing the prices of products and services can benefit business owners

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Surviving in a tough economic climate takes cunning and a willingness to innovate. As a result, business owners need to consider adopting strategies they may not have considered during better economic times, such as evaluating the prices of their products and services.

By | 2011-11-18T15:13:02+00:00 November 18th, 2011|Voice Solutions|0 Comments

About the Author:

As Chief Executive Officer of CTI Technology, my responsibility is to create an organization that transcends in employee culture, vision, and market positioning in a rapidly-changing technology industry. My passion is to guide and come alongside new leaders, helping them become tomorrow’s rock stars. My life’s mantra is to MAKE IT HAPPEN; I will do just that.

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