Competing on the price may win for awhile but in the long run it cost you much. How? Lowering the price will also lower margins and if this will last long it will kill the business especially for the newbies. Big chains of store like Walmart are the exception to the rule because they expanded the business fast and they take the lead in the economy. If you will not become the biggest soon, another store will and provide the lowest prices ever. And this will kill many business out there who compete on price.
So, why compete on price if you are starting up a business? Go on putting more value of your product. Give 10 times the value! Increase the price given that you put more value in to it. In this way margins will be high, which is necessary to keep the business going. Use the profit for your employees and for your customers. Do make research and development to better products in the future. Keep innovating. Better pay employees and they will serve your customers better too.
Dont get customers. Get Raving Fans!
Having loyal customers will generate massive business growth. How to have loyal customers? Putting more value will make customers love the product. If they love the product they will tell the whole world about your product.
I am so blessed I am a member of the "Truly Rich Club".
This information is given free inside the club. You too will be blessed with financial information from the mentors of the Truly Rich Club.
I encourage you to be part of the Club.
Below is the link to in to the Club.
Truly Rich Club
So, why compete on price if you are starting up a business? Go on putting more value of your product. Give 10 times the value! Increase the price given that you put more value in to it. In this way margins will be high, which is necessary to keep the business going. Use the profit for your employees and for your customers. Do make research and development to better products in the future. Keep innovating. Better pay employees and they will serve your customers better too.
Dont get customers. Get Raving Fans!
Having loyal customers will generate massive business growth. How to have loyal customers? Putting more value will make customers love the product. If they love the product they will tell the whole world about your product.
I am so blessed I am a member of the "Truly Rich Club".
This information is given free inside the club. You too will be blessed with financial information from the mentors of the Truly Rich Club.
I encourage you to be part of the Club.
Below is the link to in to the Club.
Truly Rich Club
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