As a business owner you probably already know about the importance of branding, why it is necessary, and how to do it. However, always make sure you avoid this huge mistake that commonly leads new businesses to ruin their future as it does make them stand out, but in a way that doesn’t favor them in any way. Damaging their brand and their future.
Businesses, specially small or local ones often make this mistake when aiming to stand out from its competitors, they use price as the main way to “hook” the audience. Although using price might seem like a good strategy in the short run, I can assure you that it will not be effective in the long run, as most of the time it just damages your brand, and here is how.
People love to save money, but they can also associate price with quality or status. If you want to stand out or build up a brand around your products, try to use things such as: fastest delivery, the money back guarantee, the most recommended one, etc,.. But NEVER, say “I am the cheapest.”
If people see you as the cheapest, they will also see you as the one with the lower quality and status in the market, as there is no high value associated with you, your brand, and your products or services. Plus, there is always some moron who is willing to gain less and do it cheaper than you. If you sell on price, it's because you're the most expensive option in the market and people see your company as a symbol of status. Otherwise F*ck price.
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