If sales are hemorrhaging or customers are flocking to dealmaking competitors, discounting might be necessary. But chopping prices is not without risks, including a cheapened brand image and customers who will never pay full price again. And if there’s no demand, even signs that scream “Lowest Price Ever!” won’t draw customers. “The primary factor that determines the price you’re going to get is what the demand is,” says Roland Rust. “In a situation where people want things less, the price has to be right.”

Pricing… you can’t be a professional photographer for very long without becoming embroiled in the subject of how to price your work (well, you could, I suppose, but you would never make any money). Then there is the question of, not only what prices to charge, but also how to make your clients aware of your price list without them either running away or thinking you are trying to pressure-sell them. Just about every photographer I know has been through this painful process. But, there is an answer…

Tempted to cut prices? You’re not alone. With slumping sales, many businesses have been quick to offer discounts. “Cutting prices is by far the easiest marketing technique you can use,” says Frank Luby, a partner in Simon-Kucher & Partners, a pricing and marketing consultancy. But price cuts raise some tough questions: Will deep discounts cheapen your brand? Once you cut prices, can you raise them again? How do you deal with narrower margins? Says Luby: “I try to get my clients to think about where they want to be as …