Cause and Effect have more than meets the eye.
Why is nobody buying your product anymore?
The causes can be several. It can be because you’re overpricing since people don’t have enough money due to this conjuncture as someone just shared.
As a marketer, I tend to disagree.
Cause and Effect as in a Marketing Perspective
Yes, your price may need to restructure, but it’s not the main reason. The main reason is that you couldn’t present a solid reason why people should buy your product at that price tag as the smart choice.
Why are people going into debt to buy an iPhone? Why are people buying Peloton? Why do people buy “Plunkett’s Advertising & Branding Industry Almanac” for $356.99 on Amazon? It’s a freaking book.
It’s not an entire money problem. It’s a positioning and branding problem for starters, and then it’s the story behind it.
People still enrol into Salesforce subscription because it works for them, even though the price tag can be bumpy. The same for Adobe Marketing Cloud. So, what you need to assess is, how is your audience seeing your product? Why should they buy it instead of another?
What are you offering when they buy it? Is it the product or an entire experience?
Ask the right questions before jumping to lower your price because that’s a race to the bottom.