As a consumer, I like it when prices are low. It gives me more spending power. It allows me to get more bang for my buck.
But as an entrepreneur, I don't like to sell low. Instead, I choose to create value in the products or services that we offer. This allows us to sell at a more substantial profit. It's healthier for the business.
But as an entrepreneur, I don't like to sell low. Instead, I choose to create value in the products or services that we offer. This allows us to sell at a more substantial profit. It's healthier for the business.
Don't think your customers will stick with you solely because "mas mura".
If you think a low-price strategy can give you an edge, think again. The problem with winning by selling low is that it's temporal. Customers will choose to buy from you today (while you are the lowest) but when a competitor decides to lower their prices...
Bam! You can see your customers wave goodbye.
If you think a low-price strategy can give you an edge, think again. The problem with winning by selling low is that it's temporal. Customers will choose to buy from you today (while you are the lowest) but when a competitor decides to lower their prices...
Bam! You can see your customers wave goodbye.
Don't forget that the lower the price, the lesser profit margins. The more you need to push your sales people to move. Pricing lower might not improve the bottom line. In fact, it can worsen the situation.
Instead of doing that, find a way to satisfy your clients by adding value. This should increase your business. Find an unmet need, then serve it. Don't let your competition notice what you're doing. Do it under the radar.
What are key improvements that your customers are asking for? Do it. Then capitalize on this and make it your competitive advantage.
