Move your inventory by selling it with another product that has a better brand name. Link the sale with another product that you want to get rid of. Tack on free support or maintenance for up to a year. Offer customers a free trial. By pairing your product or service with something extra, you have a better chance of getting that sale without sacrificing profit.
Know your value:
Talk up your product or service and how it differs from the competition. "Often times, people don't know about the product," says Phil Baker, author of "From Concept to Consumer: How to Turn Ideas into Money" (Financial Times Press). "If it truly has some advantages over the competition, don't shortchange it by under-pricing it. If they have a good reason, people will pay more."
Even in these economic times, being eco-friendly or socially conscientious can still be a draw. So if you have a giveback program, donate a portion of the proceeds to charity or if you have made packaging more recyclable, highlight it. "People want to feel good about the company they're buying from," says
, who is also a product development and marketing consultant.
Revamp your model:
Maybe it's time to be more creative. Tien Tzuo, founder and CEO of
, an on-demand subscription billing and payment service, believes that many companies would be well-served using a subscription-based business model. Just look at Starbucks' Gold Membership card: pay $25 a year and receive 10% off your coffee as well as notice of other offers and discounts.