When should I consider lowering my price?

When should I consider lowering my price?

William A. Cohen (Author & Founder, Institute of Leader Arts) gives expert video advice on: How do I determine what to price my product or service?; What is a "price margin"? and more...

You should consider lowering your price if something's not working or if a competitor is entering the market. Maybe you were the first business into the market with something and now people are coming in with a similar new product. Maybe you're the first one with a hula hoop and all of a sudden other people are getting in. You might lower your prices then to meet the competition.