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Sunday, 12 November 2017

Small Business Solution: Never Cut Prices to Compete

If you run a small business, you must have found out by now that it is very rough and tough out there. The competition is very still stiff and gets stiffer by the day. However, be consoled by the fact that you are not alone. Everyone faces their own competition their own way. When facing tough competition, it can be tempting for small businesses to simply slash prices to make products or services more appealing to customers. Experts say, small businesses normally only hurt their own interests doing this unlike large companies which are usually better equipped to absorb such losses. Driving down prices is almost never in the best interest of a small business.

You can always find a way around that. Instead of driving prices down, it is better to focus on adding value to your product or service in some other ways. That is so because many customers are almost always willing to pay a bit more for something that offers them a great experience. In most cases, people always buy what makes them feel good. It helps therefore to try to talk to each individual customer and get on a personal level to assess what they want most and are looking for to purchase. Thereafter, you can adapt and adjust to give them real satisfaction tailored along their needs without having to cut prices.

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