Pandemic Pricing: Are You A Giver Or A Gouger?

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Pandemic Pricing: Are You A Giver Or A Gouger?

Crises bring out the best and worst in people, and the best and worst in companies. During this one, we’re seeing this all the more because of social media and other types of Internet marketing.

So, if you are fortunate enough to be in business, what do you do about pricing? Do you adjust prices upward to the market? Do you reduce prices and risk spilling red ink on top of what you’re already wading in? Here are some thoughts that may help you answer these difficult questions.

However your pricing strategy evolves, it’s important to explain what you’re doing. Customers may not want to hear it, but there’s no doubt they’d rather hear bad news than no news. Without helping customers understand the situation with regard to pricing and availability, you make it difficult for them to make prudent decisions about critical business issues. 

Work out the message with your sales and marketing teams. Use all possible means at your disposal to communicate — phone, web conference, email, social media, the company website, etc. Time stamp your communication. Be consistent in what you say. Make sure your actions with regard to pricing are consistent with what you say. 

Do all that and you’ll maintain credibility, retain more customers and get the positive word-of-mouth branding effect for which you’re looking.

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Pandemic Pricing: Are You A Giver Or A Gouger?

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