Pricing for Value Instead of Competition

Setting the right price for products and services is crucial for sustainable business growth. Competing solely on price can lead to a race to the bottom, where customers are only attracted by lower prices and will switch to the next cheaper option. It is important to focus on the value provided, not just monetary compensation, as employees and customers prioritizing a positive culture and opportunities are often more loyal. A balanced compensation model that includes non-monetary factors can lead to a more engaged workforce.