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What makes your company unique? Why do people buy from you?
In business, you can typically offer two of these three things, if you work hard:
- A high quality product or service.
- An impressive overall shopping experience, with great customer service all around.
- A low price.
However, you can not realistically offer all three of these at the same time. Nor should you try to.
If your goal is to actually build a large, profitable company, competing on price is not only incredibly challenging, but it offers the highest amount of risk for the lowest reward. It is a loser’s game, and by simply adjusting your strategy, you can position yourself to do far better while practically ignoring price completely.
In this article, we’re going to make clear why you should rarely, if ever try to compete on price, and cover actionable strategies to take instead.
Let’s get to it!