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You’ve spent years building your business, developing products and services that reflect your dedication, your care, your genuine love for what you do. Then a competitor launches a similar product, virtually identical, with the only difference being it is $100 cheaper. What do you do?
Many businesses, when faced with this seeming assault on their very existence, decide to drop their prices in order to compete. After all, what else is there to do? Without deep advertising and marketing budgets or product development resources, this is the only thing we can control, right?
I urge you not to. When you compete on price and price alone, you are acknowledging that you have little additional value to offer your customers beyond being the cheapest option. This is not sustainable long term and relegates you to being a competitor-in-pursuit when you are so much more. But there’s another way, a better way, a more authentic way.