If you are already in business (no matter whether you are an employer or employee), you have probably noticed that price wars against competitors are inevitable. Everyone wants to grab other’s clients and make them their prospective buyers. However, the thing is that those price wars will hurt your brand, credibility, and margin more than it assists.
Every one of us gets what we are paying for. But how to beat your lower-priced competitors? Most of the sellers think that dropping their prices below the competition will invite the prospective buyers to beat a path to their door. Unfortunately, it does not work as well as you may think. So, how to be more competitive? How to beat your competitors and have stable revenue?
#1 Stick to your premium prices
You may probably think that if you stick to your premium prices while your competitors offer the same products for the lower price is a lousy business strategy. Stop thinking so. We are here to explain to you why. Charging and sticking to your premium prices is a great business strategy as well as an excellent competitive advantage. Most buyers make the purchase based on the cost of the product, but as statistics show, it is rare that the main reason a person buys. The thing is that the buyers are very accurate and suspicious of prices that seem too low, as low prices may be the reason for the quality of your products. Therefore, stick to your costs and show that the products you sell are of higher quality than competitors’ are.
#2 Value, not the price
Value is the primary factor motivating people to make a purchase. If you have a valuable product, then it is excellent. But if you know how to sell value, it is the most significant advantage that will take your brand out of the sea of cheaper competitors. To do so, your task will be to understand what makes your products unique, as well as understand the individual expectations and standards of your prospect.
#3 Fast and quality product delivery
To beat the competition in your industry and sell products at a higher price, you have to excel in product delivery. Your company’s ability or failure to deliver a product or provide a service in a timely or manner may make or, in contrast, break your relationship with customers. If prospects tell you that they can buy the same product for less price at the other price, you can silently ask yourself, “Then why do they still talk to me?” Why are they still buying products or ordering services from you if they can do it for a lower price? What is the reason they are still engaging with you? The answer is obvious: you offer better support, faster delivery, and better quality service than competitors do.