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- Don't Lose This Battle
Don't Lose This Battle
If you're in a war of attrition, change your game plan to this
Commodity wars are a bloodbath.
Everybody selling the same thing, competing on price, driving margins to just-a-hair-above-zero… it’s a losing battle for all involved. A war of attrition.
If you are in a commodity war, then raising prices might be a death sentence without clearly adding value.
You absolutely have to be aware of what your competition has to offer and how far you can push your customers before they jump ship and go for the cheaper option.
One antidote to a commodity war is a strong brand.
Investing in your brand, and helping people connect with something bigger than just the product itself, is a way to opt out of a commodity war.
A brand is simply a relationship that you can nurture between your audience, and what they perceive your company to be.
Another antidote is an extremely high level of service.
Responsiveness, customer service, friendliness and consistently delivering promises can provide enough value to justify a higher cost for the exact same product. I have experienced this in my own business journey.
I have won business time after time in a commodity market simply by answering the phone and being as helpful as I can, while my competitors screen their calls with voicemail.
Both of these tactics can be boiled down to this: relationship.
Take care of your relationships, and grow your business.
 | Onward and upward, (I’m a small business owner, advisor, and advocate – learn more here) |