"Value" comes at a price.

By all reasonable accounts, we are now doing business in a "value" market. Simply put, because consumers are so careful about where their dollars are going, they are looking for the best deals.

Does this mean you need to slash all of your prices to be competitive? Not necessarily and you should tread very carefully with this approach. If you cut back on all of your pricing, you may find it difficult to raise them again when the economy recovers -- and you may alienate customers in the process.

Instead, evaluate your pricing structure to ensure you are competitive. And most importantly, be sure you are providing as much value as possible for the dollars being spent.

Use promotional offers when appropriate, especially for your most loyal customers to keep their business.

And last but not least, LISTEN TO YOUR CUSTOMERS and RESPOND. They will let you know how best to adjust your strategy.

What is your business doing to adjust in this "value" market?

posted by MarketEASE @ 8:58 PM