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

Send us a textOver 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 EpisodeIn 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 doWhat’s Next?Let’s TalkLooking for pricing support or interested in a partnership? Start here.Connect on LinkedInConnect with me on LinkedIn for practical pricing insights, new episodes, and behind-the-scenes updates.Why Pricing Feels So HardCurious why pricing feels so difficult? Explore the decisions behind confident pricing. Mentioned in this episode:The Pricing Lady is a proud member of the SwissCast NetworkDiscover more great podcasts for English-speaking SwitzerlandSwissCast Network