In a crowded marketplace like what businesses such as Woodbridge towing services find themselves in, it may seem that price wards are inevitable. However, slashing prices to beat the competition will hurt your credibility, brand image as well as margins. In life, we get what we pay for. Even if buyers try to convince you otherwise, they all understand this principle. Instead of racing your price-cutting competitors to the bottom, you can instead leverage your product’s strongest assets to create value that outweighs a lower price.
Here are notable factors you can apply to build a strong competitive advantage.
Stand by your premium pricing
It might seem controversial by charging a premium price and sticking to it despite market demands, but actually, that can be a competitive advantage. It is common to assume that all buyers will be making a purchase decision based largely on cost, but it is rarely the primary deciding factor when it comes to making a purchase. A prospect may lead you to believe that price is the only deciding factor, and that is not the case. Buyers will normally tend to be so skeptical when the price is too low. Instead, you should aim at standing with your premium pricing because of the quality and superior performance your product offers.
Sell Value not Price
Value, not price, is always the most crucial factor when it comes to making a purchasing decision. Having a valuable product is one thing, but having the ability to sell value is what will set you apart in a sea of cheaper competitors. To create value for your buyers, you will need to understand the unique standards and expectations your prospects have. You must understand what makes your product noble and stand among your competition. Use value as a competitive advantage and this will happen after you have customized your solution to meet all the demands of your buyers.
Master product delivery
Delivering is a key part of any successful business. In competitive industries, a company’s ability or failure to deliver a product or service promptly as agreed can make or break relationships with customers. When a prospect tells you they can get the same product or service at a cheaper price elsewhere, you need to ask them why are they then talking to you? Never be intimidated. Stick to what works for you and at all times, ensure you can deliver to customer expectations, by meeting and exceeding them accordingly.
Practice helpful selling
By helpful selling, we talk of the ability to reach your prospects professionally, on their terms. Doing so is what guarantees the success of doing business today, in a competitive marketplace. Today, buyers are more in control of the sales process than ever before. With added control comes a decreased willingness to talk to salespersons if they don’t put the customer first. Today’s buyers understand the value and are willing to pay a higher price if you can guarantee they meet this value. Always delight your customers.