Competitive product pricing has always been an important part of successful selling. Small retailers, though, have a huge problem. They can’t afford to offer the lowest prices around – especially in this day and age when customers are able to instantly check for a cheaper price elsewhere at the touch of a smartphone screen. To survive in a marketplace like this, these retailers need to sell products online by competing on things other than price. It can be a liberating experience to do this – if a difficult one. The following tips should help.
Choosing your market
If you don’t want to compete on price, you need to make sure that you are in the right market. It could be difficult to sell laptops and smartphones on style and high-level performance, for instance. These products have become commodities now. The mainstream market already offers great products of this kind at very competitive prices. You could instead choose to market products like clothing or jewelry – ones that are designed for consumers who want style and exclusivity. If you have to deal in, there’s a way. You could tailor your offerings to a niche segment of the market that needs great customer care.
Stay away from competing on price
Even when you do sell to customers who care about the product than the price, your instinctive habit to give priority to competitive pricing can assert itself from time to time. To make sure that this doesn’t happen, you need to be conscious of your rejection of competing on price every step of the way.
Know your customer
If you deal in a commoditized mass market product, it can be easy to assume that your customer base will never accept anything that is not competitively priced. When you sell products online, though, you can find groups of consumers sometimes who don’t actually mind paying more if they feel that you offer them value in other ways – like buying guidance, for instance.
To succeed at this, you need to convince yourself that you do indeed offer your customers clear value of some description that they cannot get elsewhere. If you don’t personally believe that you offer something worth paying extra for, it could be hard for you to convince anybody else.