How to fight low priced competitors

We all face low-priced competitors. Some of them are good and have driven costs that don’t add value out of the process, which forces all suppliers to get better. However, many of them are just hoping they can get some business by offering a low price. And the value they offer may not even be worth that low price. As my friend Ted Steinberg often says when asked how much his services cost, “You mean if you buy them from me, or if you don’t buy them from me?”

The Office Depot is currently running a terrific commercial to demonstrate this point. (That is not the point of their commercial, which is to sell banners and other products, but I liked the content of the story in the commercial and have no comment on its ability to achieve Office Depot’s goals.)

As Roy Field’s, former Group Executive for Teledyne used to say, “If you can’t fix it, feature it.”

Mitch

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