The Price Wars

You do you.

It’s tempting to let the market dictate your pricing. But that does NOT have to be the case. As I mention in my book, there are several antidotes to a commodity war, such as strong branding or excellent customer service.

The bottom line is…

Don’t let competitors set your prices. Let your value set your prices.

If they’re priced lower than you:

• Don’t panic.

• Ask, “Are they cutting corners I refuse to cut?”

• Are you delivering a better experience, more reliability, or stronger results?

• Then highlight it. Own it. Make it easy for your customers to see why you’re worth more. Communicate the value that they are getting.

If they’re priced higher than you:

• That could be your opportunity. What do they know that you don’t?

• Are they branding differently? Packaging smarter? Framing their value more clearly?

• Are you really the price-saving alternative, or are you just behind the pricing curve?

• Maybe your prices are due for a lift—and you don’t even have to change a thing.

Remember: in business (as in all relationships), perception is often reality. Matching price isn’t your only option. Sometimes, standing confidently behind your price–and the value you bring–is exactly what builds trust.

Is it time for a change (for the better)?

This is from Trail 1 of Profit Hiker: 11 Trails to gain lasting elevation in your business. Find the book right here and the program over there.