One of their main bets is to keep their customers and that is why they usually offer special promotions such as 2×1 and product liquidation.

That is why it is essential to define or develop various pricing strategies for your company or business and thus avoid losing customers or suppliers, here are the following strategies.

• Make a diagnosis of the situation of your customers:

Keep in mind that, even in markets that have already been affected by a recession, there are customers who are willing to continue paying the same price for a product or service that they value and that possibly, those customers mean the largest percentage of the business' revenues. For this reason, you should never opt for a generalized price reduction from the outset, but first gather accurate information to segment the target market. And then, yes, apply discounts, stock liquidations or special promotions selectively.

• Apply adjustments to sales projections:

Once you know the impact of the crisis on your customers' wallets, you should review the annual budget and adjust it to the new reality. In general, owners of small and medium-sized businesses (SMBs) put a lot of pressure on their sales team to reach their goals, but staying in this position will only cause anguish, stress and demotivation.

• Offer new consumer options:

An effective strategy to avoid losing the hardest hit customers is to launch more economical lines of your products and services, that is what mass product brands do when they offer smaller presentations, economical packaging, second lines, bulk sales or, in the case of services, packages with basic benefits.