In today's world, competition is everywhere. The entrepreneurial bug is striking with more frequency, so more shops are popping up that do the exact same thing as their neighbor. Trying to keep up with the competition can create a drain on your business. Two words can simplify your life: Stop competing.
This may sound like the opposite of what you need to do. But it my be the best decision you ever make. Dropping your prices may work in the beginning, but eventually you will lose money or damage your reputation. Many times people will equate cheap with low quality. Focus on the quality of your work instead. Quality will beat out a low price every time.
If a customer demands to know why your prices are higher, show them. Give them a reason to buy your product. Provide excellent customer service. Always stand behind your work. You will likely lose some customers to a cheaper price. Those same customers are also likely to find their way back to you because they know they will get a better product. You have to gain the trust of your potential customers over your competitors.
Know your worth. Set your prices at a reasonable, yet profitable rate. Establish trust and demonstrate the quality of your work. These will all drive repeat business and referrals. Keep these things in mind and watch your business flourish!
Check out this video from Alison Ellis of Floral Artistry for a more in depth look on why you should stop competing: