Recently, I had a friend confide in me that she lost a client to a competitor who was significantly less expensive.
We work so hard to help our customers and sometimes we lose. It hurts.
Why would this person choose our competition?
The answer most likely is perceived value. Customers don’t always choose the lowest price, but the best perceived deal.
When the prospect believes there is no difference between you and your competitors then lowest price wins.
If you play the game, sometimes you will lose. When you lose you have a choice–do nothing, or learn.
Maybe an audit is in order.
Taking time to enumerate what makes you different from your competition can be an instructive exercise. Maybe you find out that you don’t know what your competitors are offering. Maybe your find out your services are a commodity. Maybe you find out it’s time to get better.
There will always be someone less expensive.
Always be prepared to articulate your value.
Perception is reality.