Thou Shalt Not Discount- The Dangers of Business price discounting

It's the First Commandment of selling. "Thou shalt not discount". I offer the salutary tale of Joe the Plumber, who discounted because his competitors were and increased both his turnover and the already-long hours he worked, but made less profit. Don't confuse turnover with profitability. Better to raise your prices, at least by increase in CPI, but make sure you're creating value for the customer. Think of offering warranties, guarantees or finance deals - they're all ways of increasing profits by adding value. Try to make your product a status symbol that reflects your customer's values. And aim for a quality image in everything you do: marketing material, staff appearance, phone-answering manner, as well as the products themselves. It will pay off.

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• how to stop price discounting