When you run into price competition it may feel like there is no way out. This is not the case. These innovative strategies will rejuvenate your business and enable you to successfully pass up your competition. Get the details here!
Entrepreneur shares…
1. Find new markets. If competition is stiff, consider whether a neighboring city — or country — might offer a better opportunity to sell at a higher price.
2. Develop unique products. It’s best to offer products and services that are unique to your company. The reason is, when competitors hold sales, you won’t be similarly forced to cut prices becuase your offerings can’t be price-compared.
3. Bundle your product with services. Take a look at how Jonathan Fields has bundled his new book, Uncertainty, with his consulting. No discounts here. Bet they’re selling like hotcakes.
4. Repackage and upgrade. Fresh packaging might give you a chance to combine your products in new ways — ways the competition hasn’t thought of yet. Or update products to add new features.
5. Build your reputation. When you’re known as the best in your industry, price isn’t a problem. Clients expect to pay you a premium. Get video testimonials, or at least ones where you can use customers’ pictures next to their endorsement — they’re highly impactful in helping clients envision themselves using your product.
6. Create scarcity. If you’ve had a product or service on the market a while and sales have slumped, put out the word your offering will end soon. This works particularly well if you’re about to introduce something new. Get a sales spike before you retire an older item. Or create scarcity by only offering a limited number of a particular item, promoting that only X number will be sold.
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