Generally, when below-average companies start facing competition, their dumb marketers apply a brilliant strategy to increase sales and kill competition.
It’s called “Let’s give more discounts.”
Aah! Don’t laugh. Of course, it’s not brilliant at all. It’s very common and probably the best way to commit suicide.
Ironically, for dumb marketers, it’s an SOS strategy to survive in a competitive market.
Whenever a new competitor emerges in the market, the company’s marketers call an emergency meeting. This meeting lasts for hours with the same outcome, i.e., “Let’s give more discounts.”
This strategy may work for giant companies that have surplus resources and emotional strength to compromise with profits and even handle losses. But for small businesses, it could lead them to bankruptcy…
My only suggestion for these small businesses:
If you really believe in your products & services then don’t compromise with your price. Instead, try to find the right market that appreciates your value and contribution to the world.
And regarding how to deal with cheap competitors, the best strategy is to become CREATIVE instead of competitive.
It’s my experience that says if you’re creative enough you can kill any and every type of competition.
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Vibhor Asri
Publisher & Editor
