You can't win the lowest price game!

Retail News:
I heard a discussion recently where some retailers were discussing pricing products in relation to how to make a living running a shop. It came up that some could only run the shop because they were not completely dependant on the income for personal survival.

They mentioned competition that was not taking any money out of the business as salary, and were lowering their prices to get lots of traffic. So, how could anyone else compete in that type of market?

Well, first of all, the competition won't be around too long with that strategy. One of these days they'll have to realize they are supposed to make money. Retail is just too much work to do it just for the fun of it!

Second, stay in business to outlast the crazy competition.

Simple solution: don't compete on price! You don't have to offer all the frills AND have the lowest price.

Of course, some of your customers will say, "I saw this cheaper at a store across town." If your store is the same as the one across town, that is a bit of a problem.

You have to be different! Simple to say, but a challenge to do it.

So here's the question for you to think about.

How can you be so different from the competition that your best customers (and more like them) will prefer to pay a little more to shop at your store?

HINT: It has to be something valuable to your customers. Why don't you ask them?