We had a B&B owner come to us recently with an issue. She had always positioned her B&B as a premium, upmarket place. Except she gets most of her business from conferences and business travelers as she is not in a major city. The problem she faced was that she was more expensive then her neighbour. So although she offered better conference facilities, meals, and service, he was getting regular bookings and she was getting none. It was driving her business under. This was the impact the recession had on her business - businesses were cutting back and people wanted to get cheap deals.
She didn't want to lower her rates, because she didn't want to be the type of place that got a reputation as being 'cheap'. What we suggested to her was that she did an entry level conference package - something with a quirky name, like the Good Deal Package, and then she kept her premium package and branded that as well. That way she could offer both types of services appealing to both types of people. She could strip away the extras and simplify the meal options to get the sale, and then probably charge additional for those extras when people arrived.
Marketing strategies have to adapt as consumer trends change, so if everyone is short of money, they will be looking for a good deal. You don't have to compare your rates to other providers, but you can definitely do things like book 2 nights, get 1 free, or free champagne on arrival etc etc. Bums in beds is better than none and people perceive value in those offerings. You just have to be clever about how you make the money back. If you offer them a good deal they will talk, and for all you know that one person could tell another 3 or 4 people about you. Or add a mini fridge to your rooms filled with delicious chocolates and snacks, and that can get you some extra money too.