


Why is this a mistake? For several reasons:

Surely you know someone in your environment for whom spending 1200€ for an IPhone X is “worth it” and yet they don’t spend 40€ on gym membership because it seems expensive to them. The concept of “expensive” or “cheap” is linked to a much more important notion for the consumer: What value does it bring me, as a consumer, to choose such a product or service?
This value can be tangible (no one will be shocked that gold earrings are more expensive than plastic ones, for example) or intangible (I support local commerce, I help reduce my plastic consumption, I choose something aligned with my personal values). Therefore, cheaper is NOT
more valuable or more relevant, YES!


And you would create another added problem: if you were selling something for 60€ and all of a sudden you lower it to 30€, the perception of your customers will be that in reality your product was always worth 30€. Can you imagine how they will feel? Where will your brand image be? And how will you justify going back to the initial price of €60 when you feel like it?
Bottom line: lowering your prices to sell more may seem like an easy and even attractive option, but it has serious consequences… Think again!
In the next post we will see the third most common mistake made by companies in times of crisis.
See you soon!