What should I do if my competitor starts a price war?
Asked 2 years ago
Hi, I could lower the price of the wigs that I am selling on Shopify. Consequently, everyone lowered their prices and when I looked again I noticed that one of the competitors dropped their prices again! Is this about to start a price war? What do I do?
Richard Woods
Sunday, February 20, 2022
Many companies get into an unstoppable and fierce battle of price. Regardless of who wins, both the combatants end up in a debilitating situation. Sometimes it is impossible to avoid a price war; if you do get into one, use the following strategies:
- First, understand why you are in a price war and whether it affects you or not.
- There is no fixed rule to drop your prices when your competitors lower their prices. Instead, you can add more value to your product to get an edge over them.
- Efficiently market your goods and services.
- Build your brand image so that customer retention and loyalty stay with your products or services.
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