demonstrate added value always and especially when you do not want to compete on price Competing on price has long been a characteristic of commodity marketing and is now becoming increasingly common for brands. Interestingly, most businesses would rather not compete on price and research suggests that it is often unnecessary. Jeff Bezos, CEO of […]

demonstrate added value always and especially when you do not want to compete on price Competing on price has long been a characteristic of commodity marketing and is now becoming increasingly common for brands. Interestingly, most businesses would rather not 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 is the fourth of 5 thoughts discussing 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, that shares their life values. They prefer not to buy from a business that does…