{"id":5293,"date":"2021-03-08T16:19:33","date_gmt":"2021-03-08T16:19:33","guid":{"rendered":"https:\/\/digitalmarketinglanzarote.com\/mistake-2-in-times-of-crisis-lowering-prices"},"modified":"2025-01-21T20:54:37","modified_gmt":"2025-01-21T20:54:37","slug":"mistake-2-in-times-of-crisis-lowering-prices","status":"publish","type":"post","link":"https:\/\/digitalmarketinglanzarote.com\/en\/mistake-2-in-times-of-crisis-lowering-prices","title":{"rendered":"Mistake #2 in times of crisis &#8211; Lowering prices"},"content":{"rendered":"\n<div class=\"kvgmc6g5 cxmmr5t8 oygrvhab hcukyx3x c1et5uql ii04i59q\">\n<div dir=\"auto\"><span class=\"pq6dq46d tbxw36s4 knj5qynh kvgmc6g5 ditlmg2l oygrvhab nvdbi5me sf5mxxl7 gl3lb2sf hhz5lgdu\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/static.xx.fbcdn.net\/images\/emoji.php\/v9\/t5d\/1\/16\/26a1.png\" alt=\"\u26a1\ufe0f\" width=\"16\" height=\"16\"><\/span>  MISTAKE NUMBER 2 OF COMPANIES IN TIMES OF CRISIS <span class=\"pq6dq46d tbxw36s4 knj5qynh kvgmc6g5 ditlmg2l oygrvhab nvdbi5me sf5mxxl7 gl3lb2sf hhz5lgdu\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/static.xx.fbcdn.net\/images\/emoji.php\/v9\/t5d\/1\/16\/26a1.png\" alt=\"\u26a1\ufe0f\" width=\"16\" height=\"16\"><\/span>: lowering prices  <span class=\"pq6dq46d tbxw36s4 knj5qynh kvgmc6g5 ditlmg2l oygrvhab nvdbi5me sf5mxxl7 gl3lb2sf hhz5lgdu\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/static.xx.fbcdn.net\/images\/emoji.php\/v9\/t9b\/1\/16\/1f97a.png\" alt=\"\ud83e\udd7a\" width=\"16\" height=\"16\"><\/span><\/div>\n<div dir=\"auto\"> <\/div>\n<\/div>\n<div class=\"o9v6fnle cxmmr5t8 oygrvhab hcukyx3x c1et5uql ii04i59q\">\n<div dir=\"auto\">Why is this a mistake? For several reasons: <\/div>\n<div dir=\"auto\"> <\/div>\n<\/div>\n<div class=\"o9v6fnle cxmmr5t8 oygrvhab hcukyx3x c1et5uql ii04i59q\">\n<div dir=\"auto\"><span class=\"pq6dq46d tbxw36s4 knj5qynh kvgmc6g5 ditlmg2l oygrvhab nvdbi5me sf5mxxl7 gl3lb2sf hhz5lgdu\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/static.xx.fbcdn.net\/images\/emoji.php\/v9\/t7a\/1\/16\/31_20e3.png\" alt=\"1\ufe0f\u20e3\" width=\"16\" height=\"16\"><\/span>  It is a mistake to believe that people will only buy from us if we are cheaper. Our customers and future customers will buy from us if they believe that the price we ask for our product or service brings them the value they need. <\/div>\n<div dir=\"auto\"> <\/div>\n<\/div>\n<div class=\"o9v6fnle cxmmr5t8 oygrvhab hcukyx3x c1et5uql ii04i59q\">\n<div dir=\"auto\">Surely you know someone in your environment for whom spending 1200\u20ac for an IPhone X is &#8220;worth it&#8221; and yet they don&#8217;t spend 40\u20ac on gym membership because it seems expensive to them. The concept of &#8220;expensive&#8221; or &#8220;cheap&#8221; 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? <\/div>\n<\/div>\n<div dir=\"auto\"> <\/div>\n<div class=\"o9v6fnle cxmmr5t8 oygrvhab hcukyx3x c1et5uql ii04i59q\">\n<div dir=\"auto\">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   <span class=\"pq6dq46d tbxw36s4 knj5qynh kvgmc6g5 ditlmg2l oygrvhab nvdbi5me sf5mxxl7 gl3lb2sf hhz5lgdu\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/static.xx.fbcdn.net\/images\/emoji.php\/v9\/t51\/1\/16\/1f449.png\" alt=\"\ud83d\udc49\" width=\"16\" height=\"16\"><\/span>  more valuable or more relevant, YES!<\/div>\n<div dir=\"auto\"> <\/div>\n<\/div>\n<div class=\"o9v6fnle cxmmr5t8 oygrvhab hcukyx3x c1et5uql ii04i59q\">\n<div dir=\"auto\"><span class=\"pq6dq46d tbxw36s4 knj5qynh kvgmc6g5 ditlmg2l oygrvhab nvdbi5me sf5mxxl7 gl3lb2sf hhz5lgdu\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/static.xx.fbcdn.net\/images\/emoji.php\/v9\/t99\/1\/16\/32_20e3.png\" alt=\"2\ufe0f\u20e3\" width=\"16\" height=\"16\"><\/span>  Lowering your price affects your margin. You will have calculated your selling prices considering your costs + the margin you intended to achieve with each sale. &#8220;Eating&#8221; this margin if you control in order to lower the price more and more is risky: you could even end up losing money on each sale!  <\/div>\n<div dir=\"auto\"> <\/div>\n<\/div>\n<div class=\"o9v6fnle cxmmr5t8 oygrvhab hcukyx3x c1et5uql ii04i59q\">\n<div dir=\"auto\">And you would create another added problem: if you were selling something for 60\u20ac and all of a sudden you lower it to 30\u20ac, the perception of your customers will be that in reality your product was always worth 30\u20ac. 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 \u20ac60 when you feel like it?    <\/div>\n<div dir=\"auto\"> <\/div>\n<\/div>\n<div class=\"o9v6fnle cxmmr5t8 oygrvhab hcukyx3x c1et5uql ii04i59q\">\n<div dir=\"auto\">Bottom line: lowering your prices to sell more may seem like an easy and even attractive option, but it has serious consequences&#8230; Think again!<\/div>\n<div dir=\"auto\"> <\/div>\n<\/div>\n<div class=\"o9v6fnle cxmmr5t8 oygrvhab hcukyx3x c1et5uql ii04i59q\">\n<div dir=\"auto\">In the next post we will see the third most common mistake made by companies in times of crisis.<\/div>\n<div dir=\"auto\"> <\/div>\n<div dir=\"auto\">See you soon!<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[50],"tags":[],"class_list":["post-5293","post","type-post","status-publish","format-standard","hentry","category-marketing-in-times-of-crisis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - 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