One of the great temptations of all businesses, even the most seasoned, is when things start to slow down; the first thing that comes to mind is to start cutting prices. Therefore the only message they’re sending their customer is that the product or service you’re offering is cheap.
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If you’re offering similar services to your competitors and the only thing you’re competing on is lower prices, it can very easily prompt the customer to ask themselves or wonder what it is that is wrong with what you’re offering.
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Now I could see occasionally doing this when you are offering seasonal products that you’re either trying to clear out or getting some last minute sales on before you enter into the next seasonal needs. But as an overall, continuous strategy it isn’t the best.
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So what is a better way of doing it? Rather than diminishing your product or service by cost-cutting, instead enhance it by adding something of value to go with it that your competitors aren’t; something that your customers will find hard to resist.
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Did you know that a huge amount of customers buy, not because of the product or service you offer, but because of the add-on item offered free with it? That’s why you sometimes have offers of free, interesting things being the lead that eventually brings you to the product. Heck, how many times have we all bought because of the lead rather the main product itself?
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Think of this when you’re tempted to compete based only upon price alone; after all, only one company can have the lowest price. This is far better for your products image and sales!
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