How to carve a niche beyond the price of your products or services
How to avoid competing on price alone
Whatever the type of business think about how you can take yourself out of the arena where price is the sole or main consideration.
The ideal situation is to have a unique product or proposition in a niche market.
Beware that a niche market may not stay that way, because if demand is big enough to justify the investment, sooner or later a company with greater resources will spot what you are doing and shoulder you aside with something similar.
Unique products are few and far between. So the next best thing is to offer added value. The added value needs to be real in terms of customer service, quality, craftsmanship, innovation, reliability, speed of delivery or after sales service.
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Some seek to give an illusory added value, such as clever packaging, but today’s knowledgeable consumers will soon see through this stratagem and repeat purchases will dwindle.