LOL thanks! i think this question is interesting too i got a +rep from latoya even. thanks latoya! well at least we have an interesting topic here...at least it could help divert our attention away from the financial turmoils *sigh*
What financial turmoil? I have decided to live under a rock and only read about movie stars with vacant brains and full lives. I just keep hammering away at the marketing. Marketing and following up with clients seems to be the key to getting things moving forward.
Rather than lower the rates I charge, I simply cut back on unnecessary expenses. When you really take a close look at how you're spending your money, you'll often find several areas you can cut back on - or eliminate from the budget entirely.
I'm broadening my horizons and trying to get into web design. I also run a competition here and there to try and get my brand name across. Here's my latest one: ******
A good friend of mine who runs a highly successful offline business says that lowering your prices lowers the quality of your customers and forces you to participate in a "race to zero." The zero being, of course, the profit margin of the business.
I agree, lower prices attrack lower quality traffic for sure. People feel like they "get what they pay for", which is unfortunately not ALWAYS true
Most people are blind to finding their way out of a mess like this... They say 5% prepare themselves and 95% don't... I wonder which posts above fall into which category...
I wouldn't do either, and in fact if you know the quality is top rate I would put the price UP. It may be bad times for many and people have been hit with charges, discontinuation of loans and worse, but I think this is a time to hit the more expensive ways and crack on providing REAL quality for REAL money. People will pay.
I'd give extra. Just don't like the idea of lowering price, because it has an impact on the perception of quality. It's about branding as well. If you deliver a lot of value in your products targetting markets with demand, you wouldn't need to lower prices.
I've kept prices the same and everything seems to be doing fine. For me, the cost of living is going down (energy, gas, food prices all seem to be falling) so by keeping my prices the same, it's actually like I'm giving myself a raise!