Most of the entrepreneurs and business leaders I’ve met have an irresistible urge to lower their prices when the going gets tough.
Now that might work for commodities: paper clips, sugar and cement for example, but not many of us operate in these markets.
When the product or service has a quality element to it, or any intangible such as brand value, discounting the price may be exactly the wrong thing to do. There are even markets in which some products simply will not sell below a certain price threshold.
So before you adjust your prices downwards, ask yourself if you shouldn’t be putting them up instead. Can you really afford to discount?