Price

Imagine you are considering to subscribe to a cloud storage service. You have the following options. Firstly, you can subscribe to Google at a cost of $100 a year. Or you can subscribe to Koogle, at just $40 a year.

Koogle’s price is just 40% of Google’s. Would you subscribe to them? Maybe, but I believe most people would still subscribe to Google.

This example shows that when we buy (or sell), it is not always about the price. Price is only a small part of the whole equation. Even though Google’s price is more 1.5 times of Koogle’s, we will still buy Google. Because Google is a brand that we trust. We have an understand and expectation of the quality they provide. But not Koogle.

Think about your own product. Are you racing with your competitors to see who can outcheap one another? A race to the bottom is a race that at the end of the day, the winner could very well end up being the biggest loser.

Instead of just price, try to increase your trust, your quality, your speed, your reputation, your brand, your creativity, your reliability, your network, your customer service, your friendliness, etc.