Between the continued rise in inflation and the potential risks of recession, I wouldn’t blame you if you were concerned about the economy, and more specifically, where your business is heading at the moment. One way people react in uncertain times is to slash prices as a way to drive sales. We see it in travel, in retail, in B2B… pretty much everywhere. Except, as you’ve heard me mention more than once, slashing prices to drive volume is almost always the wrong answer. Instead of cutting prices, I’ve long recommended you practice "the lost art of value adds" in your marketing. Why? Well that’s what this episode of Thinks Out Loud is all about.

In this episode, "The Lost Art of Value Adds in Marketing," I look at why cutting prices is the same as running a race you can’t win, I talk about at the connection between prices and customer value, and I discuss how you can use value adds to set your company up for success when business is tough — and, at it happens, when business is going great too.

Want to learn more? Here are the show notes for you:

Revisiting "The Lost Art of Value Adds in Marketing" — Relevant Links and Show Notes

* The Race You Can’t Win 

* The Biggest Risk to Your Business? Becoming a "Hidden Intermediary" (Thinks Out Loud 267)

* Price elasticity of demand – Wikipedia

* Veblen good – Wikipedia

* Worried About a Recession Next Year? Here’s How Marketers Can Cope (Thinks Out Loud Episode 264)

* Coronavirus COVID-19 and the Travel Industry: How Hotel and Travel Companies Can Manage Business Disruption

* Marketing in Uncertain Times (Thinks Out Loud Episode 352)

Free Downloads

We have some free downloads for you to help you navigate the current situation, which you can find right here:

* Digital & E-commerce Maturity Matrix. As a bonus, here’s a PDF that can help you assess your company’s digital maturity. You can use this to better understand where your company excels and where its opportunities lie. And, of course,