You have a multitude of ways to make your thing more valuable before you resort to lowering the price.
You could make your customer service so good that they feel like royalty when they interact with you. You could make sure your marketing/positioning are coming from a solid knowledge of your company purpose — your why. You could add something to your offering that acts as value-leverage, something that’s not difficult for you to do but adds a lot of value to what the customer gets.
Lowering price as a reaction to poor sales is not doing anyone any favours.
If your customers are forking out for a higher price point, then you’ll be better equipped to serve them. Making your margins thin only squeezes you to breaking point, and then you won’t be able to serve anyone.
Lowering price means your thing is of low value, and that you’ve given up doing anything about that.
I love Paul Graham’s essay on how to make wealth.
He defines wealth as the stuff we want – food, clothes, fun experiences – which is not the same as money.
You cannot make money, you can only acquire what is already in circulation.
You can make wealth, though. In other words, you can create value. You can turn something cheap into something expensive. My aunt, for example, can take a bunch of eggs, flour, butter and sugar, and turn all that low-value stuff into a breathtaking cake design, which she then sells for a hefty markup. That’s creating wealth with nothing but her own effort and skill.
Don’t tell me or anyone else that you can’t offer more value. Opportunities to create wealth are everywhere. All you need is a little empathy to see what other people might value, and a little creativity to make it happen.