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The $100 MBA Show

MBA2570 Q&A Wednesday: How Do I Handle Competitors Who Keep Undercutting My Prices?

Jan 8, 2025
Discover why competing on price can ruin your business and learn to focus on value instead. Explore strategies to avoid price wars by enhancing customer trust and delivering exceptional service. Uncover how successful brands thrive without engaging in price competition and understand the importance of differentiation. Gain insights from personal experiences that demonstrate how to maintain premium pricing and ensure customer loyalty by targeting those who prioritize quality over cost. Break free from the price war trap!
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Podcast summary created with Snipd AI

Quick takeaways

  • Competing solely on price undermines business integrity, making it essential to focus on enhancing value for long-term success.
  • Building customer trust through transparency and exceptional service is crucial for maintaining loyalty against price-cutting competitors.

Deep dives

Stop Competing on Price

Competing on price can be a detrimental strategy for businesses, as it reduces products or services to mere commodities. The instinct to lower prices in response to competitors can lead to unsustainable practices, drawing businesses into a price war that they are unlikely to win. Instead, businesses should focus on increasing their value, thereby making the price less significant in the customer’s decision-making process. By shifting the mindset from how to match competitor prices to how to enhance their value proposition, businesses can better attract and retain loyal customers who appreciate quality over cost.

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