I was listening to David Rikhlan, Selfgrowth.com interview Glenn Dietzel, CEO of Awakened, LLC and took notes. I am very fascinated by some of the information I heard and would like to share what I learned in this blog post.
When people are scared, they devalue themselves for what they are competing.
People are struggling in the area of value and competing in the area of price.
Competing in the area of price can be dangerous.
Here are the 7 ways the prospects/clients react. They:
1. Brag about what they paid for your service/product.
2. Simply do all the complaining.
3. Brag about how little they paid you.
4. Purchase from you only once, which is the most expensive way of getting a client.
5. Will blackmail you for a lower price.
6. Will destroy your credibility. They are with you based on your price.
7. Will steal your ideas and information.
For the above reasons, competing in the area of price must never be an option.
Instead we must focus on providing more value and get higher returns.