How to beat A Competitor
How to Beat the Competition Without Lowering Your Prices
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how in the world can you charge more for
your product especially if you have
competition that's under pricing you in
the market and you're feeling this
pressure to go lower and lower and lower
that can really kill your business that
kills your profit margins and it just D
values what it is that you're trying to
sell so people are asking all the time
done how can I charge a luxury price for
a luxury item in a competitive market
and the key is add more value and I'm
not even talking about although it works
to add physical stuff so you could add
you could bundle things and I'm talking
about actually sell what we call below
the line other things that people get
with your product recently my wife and I
were looking at ebikes you know electric
bicycles right and an e-bike is kind of
expensive they can cost a couple
thousand dollars that's a lot of money I
can look at that and say okay I can pay
a couple thousand dollars for the ebike
but let's say the the salesperson
actually added more value to it let's
say they added emotional value and they
said you know you'll actually fall in
love with exercise again because you
know it's a lot easier you go a lot
further you go a lot faster you'll fall
in love with the exercise again okay now
you're selling me an e-bike and you're
selling me a love for exercise how much
do you think a love for exercise is
actually worth how much did it cost you
to sell me a love for exercise nothing
it's just words but you added value to
it right so there's that emotional thing
what's the emotional thing that you can
actually add value with to your product
and then you look at the social thing
right and the social thing would be you
know you're the leader of the pack or
people will see you as somebody who's an
early adopter or something like that
there's a tribal mechanism that goes in
place when I try to buy something I can
get more respected amongst my friends is
there a social component to what you're
actually offering and then a big one
philosophical what are the bigger stakes
that you're offering I could be somebody
who saves the environment if I stop
driving my car to work and I actually
take my II bike to work I can save the
environment people will respect me and
I'll fall in love with exercise again
guess what you just did to the the
perceived value of a two thousand dollar
ebike you just made it five thousand
dollars and you didn't add anything to
it except for words what we're talking
about is framing the perspective that
our customer has so they see the product
and they see the emotional social and
philosophical value that might also come
with that product that's how you keep
from Ray
your prices and that's how you beat the
competition because even though they're
selling the same thing they're not
taking the time to frame that product
with social components philosophical
components and emotional components
they're just saying it's a bike you're
gonna beat them in the marketplace and
gonna do it without raising your prices
add value using words
