Here’s How To Never Compete On Price Again.

Competing on price is a fool’s game.

Here’s How To Never Compete On Price Again.
Photo by Carl Raw / Unsplash

Competing on price is a fool’s game. When your pricing looks like theirs, your product looks like theirs. When you look like everyone else, the decision will reduce to price. Here are four ways to get out of that trap for good.

Charge More.

Premium pricing is the surest way to differentiate yourself and set yourself apart from the pack. Premium pricing elevates you above price wars. It sets your business up for long-term success. It puts you among the greats. Charge so much that you feel uncomfortable with the price you’ve set. Then double that number.

Stack Excellence, Stack Value.

For example: if you’re a solopreneur, don’t just be a logo designer. Become a full-service agency. Learn video production. Learn copywriting. Learn to make pitch decks. Learn to produce music. Do each of these activities at a very high level and you become a one-stop-shop for excellence.

Discount Less, Or Not At All.

Discounting products lower on your value ladder, or providing a promotional reason to buy is fine, but on your high-end products and white-glove services, don’t drop the price. Let the value speak for itself.

Don't ever drop your price to compete with your neighbor. Only deploy it as a tool to drive a purchase decision in your own funnel. In these instances, consider doubling the price or increasing it to an exponential level before doing so. The client feels greater savings, and you get to charge a higher price.

I'd rather see you avoid the temptation to discount. Set a high price and watch a potential client starts to justify it in their own head. Don't do the discounting for them.

Roll The Snowball: Become Too Big To Ignore.

Take advantage of network effects. The greater your perceived impact, the greater your pricing power. Once you’re large enough, your brand equity speaks for itself. This won’t happen overnight, but it becomes your best-selling tool and your major economic moat.