demonstrate added value always and especially when you do not want to compete on price This is the fifth of 10 ‘BEST OF THOUGHTS’ from the more than 200 THOUGHTS published in 2018. Competing on price has long been a characteristic of commodity marketing. It is now becoming increasingly common for brands. Despite this trend, […]

demonstrate added value always and especially when you do not want to compete on price This is the fifth of 10 ‘BEST OF THOUGHTS’ from the more than 200 THOUGHTS published in 2018. Competing on price has long been a characteristic of commodity marketing. It is now becoming increasingly common for brands. Despite this trend, most businesses would prefer not to compete on price, and research suggests that it is often unnecessary. Jeff Bezos, CEO of Amazon, suggests that the best way to avoid focusing on price is to understand the customer and to use that understanding to drive brand loyalty. This THOUGHT considers strategies that might be implemented to avoid competing on price.A 2017 survey found that 64% of customers cite shared values as a reason for purchasing a particular brand. Research has demonstrated, time and again, that consumers prefer to buy a brand, or buy from a business,…