Price is definitely an important factor in any purchasing decision (unless you’re the Sultan of Brunei!) but if you’re competing on price alone you’re in an extremely dangerous position!
The reason for this is there will always be someone willing to charge less than you to steal your client’s business. If the only key benefit you can offer is cheap price, you won’t be giving any reason for your customer to stay with you if they can find a cheaper alternative. In addition to that, if you’re always competing on price, you’ll eventually run your margins so low that you’ll be in danger of putting yourself out of business!
By having a more sustainable competitive advantage such as a particular area of expertise or a focus on high quality, you are positioning your business to move away from bargain hunters and more towards clients that are happy to pay more for a job well done!
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