COMPETE ON THIS, NOT THAT
VALUE, not price. I was talking to a business owner the other day who has a rather unique product with only a few local competitors. As we were talking, it became clear that they believe (as many INCORRECTLY do) that watching the competition and under bidding them is the only way to win business. Competing on price for a commoditized product has it's place although it should not be the go to strategy. That's a deeper discussion for another day. BUT. A unique product, like in this situation should never have price as their #1 competitive strategy. NEVER. It's just throwing profit down the drain. PROTECT YOUR PROFITS, PEOPLE!! The focus should be on the value that's provided. People buy unique products and solutions on value, not price. So. How do I suggest addressing this? 1. As with many things, I start with brainstorming. Blinders off. Make a list of everything that makes your service, product, solution valuable to the marketplace. 2. Next, score each entry from 1 - 10, for how important those things are to your customer. A 10 would be very important. A 1, not so much. 3. Put the list in order 10 thru 1. 4. Now, take a look at a few of your closest competitors and see if there's anything you rated 6 or above that they're not doing or that you're much better at. AKA - your competitive advantage! 5. Those items demand your attention for your messaging and sales discussions. There's opportunity right there, ripe for the taking. There are many ways to tap into the value you bring to the marketplace. And I contend that if done right can actually fetch a premium. People buy on value. It's there for the taking. Now go take it! To your success. David Visco Your Business Made Easy