How Can the Competition Have Such Low Prices & What Should I Do About It?

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Over the years I have heard the battle cries  from businesses and sales people about how the competition has such low prices .

"It's killing our business. What can we do?" They cry.

Often they feel defeated and like they don't have a chance to be successful because these "cowboy" competitors are in the way, with their very low prices. "Shouldn't we lower our prices too?" They ask.

Not necessarily, in fact more often than not, it isn't the best solution. Just because the competition has a lower price doesn't mean you should too. Nor does it indicate that they have a successful business. Nor does it mean that all is lost for you. In fact, it might just be an opportunity.

To figure out what to do and how to deal with what seems like a rogue competitor you need to understand WHY, they might have such low prices and what it means for you.

My mother always said to me, "Well Janene if your friends are jumping off a bridge it doesn't mean you have to as well." Little did she know I was often leading the charge. But that aside the same thing applies to your business and pricing.

In this Episode

In this solo cast episode I share with you 6 reasons why they might have low prices and why it may not be the same for your business even though you offer the same / similar product, service or software. Then we take a look at what it means you should do. Enjoy the episode!

Highlights:
- 0:00 Intro
- 2:41 Who's the target
- 4:10 Value perception
- 5:38 How to set prices
- 6:31 The strategy
- 9:10 The tactics
- 10:44 Profit margins
- 11:24 What to do

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Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the the self assessment Pricing Scorecard (www.thepricinglady.com/pricing-scorecard). Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.

Get in touch with Janene. If you’ve got a question that needs answering, a challenge you’re facing or you have suggestions for future topics or guests, let me know. Contact Janene (https://thepricinglady.com/contact/)

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