Value vs. Price: why lowering prices is not the best way to compete

Price vs Value balance

We should not compete just for price, which is an unproductive battle.

The value proposition

When a customer is asked how they perceive the value of a product, they are actually being asked to compare it with their perception of other existing purchase alternatives. And therefore a product is not expensive by itself, the answer is: ‘expensive compared to what?’…

The dynamic perceived value.

For the same product, different customer segments perceive different values.

Reduce prices is not the best way

Therefore, companies and salespeople must deal with the perceived value of their product in the customer’s mind, which is a continuous job.

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