If you’re like most small business owners, you’ve probably considered lowering your prices at least once to compete with others offering exactly what you have to sell. Don’t do it.You may win the battle, but you will lose the war.
So how do you compete when others in your industry insist on lowering prices? Add value.
Although there are shoppers who purposely price shop, there are many that don’t. You want to reach out to that market. You can do that by adding extra value that appeals to them.
The key here is knowing who your market is and what entices them to buy. That’s why it’s so important to do market research. If you don’t know what your clients and customers want, how can you reach them?
Unfortunately, market research is the step so many small business owners miss. They just don’t do it. How about you? All is not lost though. Hop on over and read Did You Forget Something? The Importance of Market Research In Building An Emerging Business.
How about you? What do you think of doing market research to find out more about your clients and customers. Helpful or not? Leave me a comment.