Be cheap or figure out how to be better!! One of these is a much more difficult strategy. Which one would you guess?
If you said…..be better….you are correct.
Unfortunately too many CEOs listen to their Sales team when they say to management……we have to be lower priced or we will lose the business. Really? This is a race to the bottom when you believe you compete in a COMMODITY business. i.e. there is no significant difference between your product or service vs the competition……either real or perceived!!
If you believe this you just may be in a race to the end of your firm.
Being better or differentiated is hard…..it demands strong leadership & a team that is aligned. Think Apple or Nike or Starbucks……do you willingly pay a premium? You betcha.
Here is an interesting Blog from Marketing guru…..Seth Godin that defines more about the above. Read it here
Try the hard path…..but figure out how to be DIFFERENT!!