In a time of recession, there is a reluctant tendency to lower prices. Rather than targeting people who can’t afford your services, target the ones who can. Think of creative pricing strategies to keep your existing customers and to get new ones. Offer discounts to only your loyal repeat customers, and or only for premium purchases.
If you’re a wedding photographer, don’t lower your prices, target a different zip code. If you’re a sandwich shop, create a premium line of sandwiches. If you’re a web designer, create a full service package that includes email marketing, social media, and SEO integration rather than just plain old HTML.
Do not allow economic insecurities determine the value of your art or your business. There are people who can afford your products and services. The fact that a Picasso recently sold for $40 million should tell us that not everyone is hording their money. Just because the economy has changed, it doesn’t mean that what you offer all of a sudden of has no value, or is of lesser value. Know what you’re worth and stick to it.
Young B. Kim is a writer, artist, serial entrepreneur, and the creator of ideavist™. Young's mission is to help people make their ideas happen through his writing, coaching, consultations, and through speaking engagements on ideation, creativity, and entrepreneurship.
Read more of his articles, visit www.ideavist.com