LONDON--(BUSINESS WIRE)--A well-known market intelligence solutions provider, Infiniti Research, has announced the completion of their recent free downloadable resource on winning against price-cutting competitors with the right competitive strategy. This article provides comprehensive insights on how companies can build a competitive advantage in the market without succumbing to the pressure of cutting prices when their competitors are offering similar products at a cheaper rate.
The common belief among most buyers today is ‘we get what we pay for.’ Therefore, rather than racing your price-cutting competitors to the bottom, it is important to identify your product’s strongest features and attributes to create value that outweighs a lower price. In this supplement, experts at Infiniti Research discuss some key strategies to build a strong competitive advantage in the market without cutting down your prices.
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Winning Against Price-Cutting Competitors with the Right Competitive Strategy
Use premium pricing as a competitive advantage
Although it may seem contradictory, premium pricing can provide brands with a competitive advantage. It is a common perception that customers primarily rely on pricing while making purchase decisions, but this is not the case always. Sometimes buyers tend to be leery of prices that seem too low as it could send a negative message about your product’s quality.
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Having a valuable product is one thing but it is equally important to have the ability to sell the value of what will set your brand apart in a sea of competitors who offer similar products at a cheaper rate. Creating value requires companies to understand the unique standards and expectations of the target customers. Using value as a competitive advantage involves customizing your solutions in the best manner to meet buyer needs.
The currency of sales success in today’s competitive marketplace involves the ability to reach out to prospects in a professional way, on their own terms. Today’s buyers are more in control of the sale than ever before. As a result, there is a decreased willingness to talk with salespeople who only care about getting the deal. Elevating your product or service from an interchangeable, turnkey fix to a solution to solve critical business pain means you’ll have to add value in a way that goes beyond price.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us