Increase Your Profits by 10X: 5 Key Metrics You Must Track

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Price competition is justified when there are a large number of similar companies on the market offering similar products, between which it is difficult to make a choice. In this case, it is possible to stand out from the crowd and increase market share only by reducing the price, and it is desirable to do this suddenly, so that competitors do not have time to prepare. A low price facilitates rapid entry into a new market or consolidation of the current position, but the effect of this does not last long.

Low income has a negative impact on the company, since it is often necessary to mobilize all resources to reduce costs. Cheapness does not contribute to the growth of consumer confidence. In addition, competitors can follow the same path: sooner or later, someone will offer an even lower price. Returning to previous prices means causing dissatisfaction among buyers. As a result, all market participants begin to work at a loss.

Non-price competition serves not to reduce, but thailand mobile phone numbers database to increase profits. Competitors will not be able to react quickly and make appropriate modifications. For some time, there will be no one else on the market who could offer a product with similar characteristics. Non-price competition is the optimal solution for creating a recognizable brand. It provides long-term benefits and brings in truly loyal customers for whom product quality is of the utmost importance.

Alexander Kuleshov
Alexander Kuleshov
General Director of Sales Generator LLC
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Pros and cons of non-price competition
The key advantage of non-price competition is its relevance for small and medium businesses. As a rule, companies with a wide market coverage are ready to offer low prices, but even small firms are capable of improving product quality, improving production, and expanding the product line in accordance with consumer needs.

The main advantages of non-price competition
Increased profits. In pursuit of quality, consumers agree to higher prices. Companies do not necessarily have to resort to artificially lower prices - it is more important to simply offer products of consistently high quality.

Stable market position. The trick with price reduction is easy to repeat, but there is no guarantee that your competitors will not be able to sell even cheaper. In turn, selling quality goods provides a constant income.

Reduced dependence on competitors. In addition to increasing profits and winning the sympathy of the audience, the tactics of non-price confrontation contribute to independence and separation from competitors, regardless of the scale of their business.

Increased customer loyalty. Customers are satisfied when a company maintains high product quality. This includes loyalty to specific products as well as loyalty to the entire company.