As they say, “When given lemons, make lemonade.” But what is a business to do when they are being squeezed in the current economy?
The US economy is facing staggering inflation and businesses are oftentimes presented with two options: Increase pricing to match rise in costs — thus pushing the impact more on the consumer — or internally decrease corporate margins to maintain market pricing for their customers. Neither of these two options are ideal during uncertain economic times.
In inflationary times, consumers are not only being squeezed for your product, but many products and services. That makes the decision to drive up your price the ultimate test of your customer base. Will they stay or will they leave? Is the value proposition of your product or service enough to sustain this sticker shock?
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