💡 As entrepreneurs just starting out in business, we often are pressurised to rack up on sales, and therefore may have a tendency to want to compete on price…
I remember starting out in business and tried outcompeting on price… “boy oh boy”, was that the biggest mistake ever made. Why❓
✅ If we drop our prices just to get customers or because our competition have lower prices, then we’re going to be out of business soon.
It’s what I call “the kiss of death”❗️ Instead of competing on price, when starting out in business, consider the following elements:
✅ Compete on delivering better AND faster results; a better, higher quality product/service or even a celebrity endorsed product or service.
✅ Make the product or service unique and different that its in a “category of its own”
✅ By doing this, we eliminate the need to compete on being the lowest price product or service… BECAUSE NO ONE WINS THE RACE TO THE BOTTOM.
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