Have you ever seen a company advertising that they ‘will not be undersold’?

What a sad situation for that business.

If you have competitors who want to compete on price it is time for you to re-invent your business. I speak from a personal perspective on this. Almost 30 years ago I was getting trapped into the lowest pricing strategy by one of my competitors, but then I realized that I started the business as a ‘for profit’ business. What I did has had the greatest impact on my life and attitude since that time.

I reinvented our business so that there was barely a trace of what we were before. There was no trace of us being compared to our lower priced competitors as well. We reduced our inventory that looked like what the competition was selling, then started anew. We raised our pricing and were able to validate why our pricing was higher than anyone else in our area. Then we started to ask our clients after sale questions. Their answers reinforced what we had done and our sales results grew on the average 60% per year for the next 10 years until we sold our business.

What can you do today to improve the perception of your business and increase your profits?