Best practices for lowering pricing

Hello fellow sellers, for context, I just started selling recently so a newbie, and the item is my own branded item, thus I am the only one who’s selling it, ANYWHERE.

I am running CPC ads and see that while there are a ton of impressions (200k+), there are hardly any clicks or conversions, so after analyzing everything, I have come to the conclusion that my price point is too high. This brings us to my question, what is the best method to lower my price?

Do I simply lower the price? Or, do I utilizes one of the promo/coupon discounts (with a fee to me), so that my new price is shown along with the old price, and I have one of those eye catching red/green tags?

What are the pros and cons and what is the best in my situation? Thank you so much for your insights, and a happy & prosperous new year too all!