The recession has struck, and your sales are suffering. Although you may want to keep everything the same, you have to make some changes. One change you should consider is altering your pricing.
Many retailers across the country have lowered their prices in order to motivate consumers to buy. Keep in mind that lowering prices may lower your bottom line, as well; however, it may also help you make sales that otherwise would not happen. When deciding your discount rates, consider using percentages versus fixed dollar amounts. This will help you make adequate earnings on low-priced products, as well as high-ticket items.
Popular discount rates include 25%, 30%, 40% and 50% off. Clearance items can often reach up to 75% off. Some retailers even offer savings on top of existing savings, such as an additional 15-20% off all items, including sales items, or free shipping on large orders. Whichever rates you choose, you should identify an expiration date. Deadlines will force consumers to take immediate actions.
Once you have your plan in place, advertise your savings. You can use the same promotional methods you normally use, but make sure you adjust your ad message to reflect all the wonderful deals you are offering. Also, remember that you can update your free ThinkLocal® online business listing so that it highlights your limited-time offer. Once the sale is over, you can go back in and re-edit your listing.
There’s no denying it. Consumers will buy if the price is right. For that reason, you should consider making some changes to your price list if you’ve notice that your sales numbers haven’t been doing as well as expected.
Posted by thinklocal 
Posted by thinklocal 