How to Fight Price Pressure
“There is hardly anything in the world that some man cannot make a little worse and sell a little cheaper, and the people who consider price only are this man’s lawful prey.”
Today's customers are intently focused on getting the lowest price. Customers now have access to everyday low prices, and they now make many purchases from the comfort of their own home or office. With an extended economic downturn and customers conditioned on price rather than value, what can you do to overcome price.
Best-in-class companies can charge a price premium because they communicate the value they provide in dollars. Purchase price is just one part of your value proposition. Focus on the additional value you will deliver. Communicating the additional value you supply in dollars means companies can calculate the value they are receiving against the price they are paying.