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Why you shouldn’t focus on your competitors’ prices

Why you shouldn’t focus on your competitors’ prices

We understand that no-one is in business for purely altruistic reasons.

While you may have good core values at your company’s heart, such as eco-friendly products, or services dedicated to inclusivity, you still need to make money in order for your company to thrive.

No matter what industry you’re in, competition is likely to be fierce. When evaluating your competitors, it can be tempting to try and win over customers by lowering your price to match, or even beat, those operating on the same playing field.

Below, we’ll explore reasons why this isn’t always a good idea, and what you can look to do instead.

Don’t forfeit your quality

If you decide to repeatedly undercut your competitors, a sacrifice will have to be made somewhere.

Unfortunately, this will probably come from the quality of your products, or even valuable members of your department.

If you’re always trying to be the cheapest on the market, then while that may attract customers in the short term, they’re not likely to stick around if they were drawn to your business specifically due to its low price, as there’s always guaranteed to be another business that will come along and offer the same thing for cheaper.

Instead, by concentrating on creating high-quality products, and not worrying about how that compares to other prices on the market, you’re more likely to win over better quality conversions, who will stick with your company because they respect and appreciate what you’re offering – not the price tag attached to it.

Focus on what you do differently

The market has never been more saturated, with businesses in every industry vying for attention.

Rather than trying to shrink yourself to some arbitrary price point, which is constantly fluctuating anyway, focus instead on what you can OFFER. Become part of your customer’s lives (not in a creepy way) by going above and beyond in your services. Actions as simple as a “thank you” note on an online delivery, or a “Happy Birthday” email complete with a discount, can go a long way.

There’s thousands of businesses out there offering below-standard products for cheap prices. Don’t concern yourself too much with what these are doing. Concentrate on what you do, do it well, and the right audience will find you.

If you have products or services worth shouting about, and want to know how you can market them online, reach out to our friendly team at Engage Web today.

Lia Bartley

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