In a recession, cheap can sound really good.  It can feel like it solves everyone’s problems—brings more customers in for you, makes their lives easier.  But, what happens when your competitors undercut you?  What will keep your customers from choosing them instead of you?  Low-price shoppers are loyal to price, not to you.  So, when it comes to addressing the needs of customers in a recession and building your brand for the long-term, ask yourself: “what is the one compelling reason customers should choose our brand over others?”  And then, deliver on that better than anyone else.  You may still lower your prices to compete, but you’ve also created a unique differentiator that will serve as a competitive barrier for now, and in the long run. 

–Jen Travis

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