I want you to think about this before you lower your price. It’s a slippery slope. And once you lower your price, you probably won’t be able to get out of that slope because it’s possible your competitor is going to respond to that and lower the price as well.

Then what are you going to do? You lower your price as well. Then he responds. He lowers his price. Then you respond. You lower your price.

Then you all go out of business.

Nobody wins. You all lose. Even the consumer will win because there will be no business to patronize. What I want you to have at the back of your mind is that people are actually not looking for the lowest prices.

People are looking for what they perceive as the best deal. People will rather pay more if they feel they are getting a great deal if they feel they are ripping you the seller off than paying less when they feel the seller is ripping them off. Did you get that? People would rather pay more when they feel they are ripping off the seller. Right, than paying less when they feel that the seller is ripping them off.

People are looking for the best deals, not the lowest prices. Yeah, many times the best deal is the lowest price. I get that. So that can confuse people.

But what you should have at the back of your mind is how you are going to make your product, your offer look like the best deal ever. That they can’t find this kind of a deal somewhere else, maybe great bonuses, good services, return policy, guarantee service policy. Just make it a multi.

What we do for them that they won’t be able to refuse. You’d be surprised at how they’re going to stick with you even though you have the higher price.

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