In a recessionary market there can be significant price pressures on your products and services. Instead of looking at price as the only thing you can control, have a look at the opportunities you may have in front of you to create new products or packages.
Instead of joining in the race to the bottom, and lowering your prices (which turns your travel offering into a commodity) consider how you can create new value-laden packages.
Be sure these new packages offer a choice to your ideal client, letting them choose a lower level of service or quality.
Resist the Race to the Bottom
Meet the needs of those looking for a less expensive holiday by making adjustments to your packages rather than your pricing. Because people want to pay less, it doesn’t mean you need to cheapen your offering.
Link:
- http://www.NorthernEdgeAlgonquin.com – see our new pricing idea.
- Thanks to Jason Sarracini: his twitter post last week helped me shift my thinking.
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Check out Four Seasons philosophy on how to avoid the price cutting race. http://www.theglobeandmail.com/servlet/story/RTGAM.20090414.wfourseasons_two0414/BNStory/globebooks/home?cid=al_gam_mostemail. Today\’s Globe highlights the third part in a series of 4.
Great link Ron! Thanks for sharing.