Can You Survive The Battle of Low Price?

Low price has always been a strong motivator.

In today’s world, unfortunately, there always seem to be someone with a lower price. But the fact remains that there’s just so low you can go.

Oh, you have several choices. You either join the battle of lowering prices (no one ever wins this battle) or you can add more value to what you are selling – to help your customers see beyond the price tag.

Instead of jumping onto the nickel-and-dime battle, take a serious look at ways you can justify holding your price – or even increasing your price. Do this by adding value, by giving more, by educating and by becoming indispensable as a resource or provider of products or services!

Sure, no matter what you do, some people will only buy on low price. You won’t change them.

But others can be pulled gently away from seeing only the price. That can be taught to appreciate the extra value you bring to the table. When you add free delivery, a free checkup, a free extended warranty, a gift, free gift wrapping, free training, a 30-day money back guarantee, you start to demonstrate real value that enhances your customers’ lives.

One of the greatest values is to provide education. This shows your prospects and customers you take responsibility for them and their well-being. Sure, there are shoppers who may pick your brain, mistreat you, and then go somewhere else to buy on price. Many though will stick with you as long-term, devoted fans.

Remember that in today’s world, the single most important tangible we have is time. Our lives are too full, too busy. Consumers want to recapture time. Spend a little more for value and service – knowing they won’t have to battle later on – is a great motivating factor.

When you take responsibility for your customers well-being by calling to make a sure they’ve sent in their warranty card, making sure they’ve had their summer checkup, or by going beyond the call of duty, you win the war.

Have you ever “saved a customer’s life” by being available when no one else was? By shipping when no one else could? By being there when no one else was available? So, are they loyal? You bet! Are they your best referral source? Yes again!

The more you tout value, the easier it is for prospects and customers to abandon their “low cost” ways and seek you out. They want a reason to. Low price is not the answer.

Thanks for reading. Any questions please post them below.

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About MarketingDoc 397 Articles
30+ years in marketing. 30+ years as a small business owner. Love music, photography, gardening and just about anything outdoors!

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