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Competing on Price

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Generally, I’ve never been a great fan of competing by offering the lowest price of all competitors because it doesn’t work well. I’ve had individuals tell me they can compete with Walmart’s price. My general response is that they are probably not competing as well as they think. Furthermore, undercutting Walmart’s price may lead people to view you as cheap rather than inexpensive.

When I was in the international trade business, we priced our services at a premium level because we felt the customer would receive good value for their money. We knew if a customer was looking for price and price alone, we would lose the business. Our business model charged a higher price and delivered a superior service. If we tried to provide the superior service for a lower fee, it would be a prescription for pushing us out of business sooner rather than later. Instead, our responsibility was to demonstrate our value to the customer and sell to customers who appreciated that value proposition.

 


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