Attracting consumers with low prices is an ineffective strategy that leads to a dead end. There will always be someone who will offer the same product even cheaper. High competition forces you to look for other ways, and dumping is not the best choice in this situation. Often, price is not the deciding factor in making a purchase decision.
There are several reasons why you shouldn't fight your competitors solely by lowering prices:
the consumer will not take your offer seriously. The minimum price makes him doubt the authenticity of the product and refuse to purchase it in favor of more expensive options;
Low price hunters will never become fantuan database loyal customers. This is an extremely fickle audience that will easily switch to a seller offering more favorable conditions;
Only companies with multi-million dollar turnovers can afford to reduce prices. For a small entrepreneur, modest prices automatically entail small profits, and therefore call into question the feasibility of the business itself;
In many cases, the buyer's choice is not determined by the price. In online stores, the speed and conditions of delivery, and the reliability of the seller are no less important.
How not to be afraid to sell at a high price
When choosing, a person is guided not only by the numbers on the price tag. There are other criteria that can be more important than the attractive price of the product. In order to sell expensively, it is necessary to determine what factors will convince consumers to buy from you, even if the price is higher than the average market price.
One of the important criteria for offline trade is the convenience of the store location. Yes, discounters have lower prices, but they are usually located on the outskirts, difficult to reach by public transport. In a store format "Near home" the same goods are more expensive, but customers do not experience problems with the availability of the outlet.
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