It’s a penny. That was Marks and Spencer’s slogan when they started back in 1884.
But these days should we be selling ourselves on price?
The resounding answer is no!
There will always be someone who is willing to undercut you. You only have to watch the price wars between Asda and Tesco to see the supermarket giants have problems with their price promise – so what chance do we have?
Why would you want to promote your business on the back of giving the lowest price?
Surely that devalues what you have to offer?
And by cutting your profit margins so low you barely break even you create all sorts of other challenges for your business – not least of all paying the wage bill!
We will continue to look at how pricing works for some companies, including the messages and methods they use.
In the meantime, we would like you to think what is really different about your business, because people very rarely buy based on price alone.