One of the most prevalent mistakes in any business is thinking that a lower price than the competition is always a good business strategy. The notion that customers will be attracted to the lowest priced vendor seems reasonable at first, until the deeper meaning of such a strategy is uncovered. For starters, there is likely someone else capable of delivering the job at an ever-decreasing price point. Secondly, reducing price to win business signals to the customer that your offering may not just be inexpensive, but also “cheap.”
