Are you competing on price?
Maybe it’s time to re-think that strategy.
As you know, if you discount you are lowering your profit level. Are there alternatives to a lower price strategy?
Consider these ideas;
- Develop or sell only ‘one of a kind’ products or services. When I was in the manufacturing and retail business many years ago, this is how we were able to succeed.
- If you have services that are very unique, what about combining them with a product. That way you can sell the product and increase your bottom line.
- Have a limited amount of the products you sell. When there is scarcity there is demand. The great thing about this is – with demand the price is never discounted.
- Build your reputation, if you haven’t done it by now, please start. This is because once your reputation is built as a top of the line business – discounting is not requested.
By implementing one of these ideas you will take you business to the next level. This means that you will have upgraded you business. You will have taken it out of the annoyance of competing on price.
So when can you start to sell value instead of selling on price?
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