Why High Prices Make You More Competitive

Most businesses look for ways to offer the cheapest prices in the market. Having special promotional Sales and discounting prices are commonplace tactics used to retain customers and attract new ones.But it’s a flawed long term strategy. The emphasis should be on ADDING VALUE and customer benefits to support the HIGHEST (not lowest) prices in the market.

Competing on the basis of low prices (unless the business is large enough to have economies of scale and scope) defines the commodity game which results in low margins and minimum long term profitability.In this episode I discuss why premium pricing should be the goal of every business and the actions business leaders can take to get there.