Shocking Fact: People Don't Buy When It's Half Price

It's very obvious: in the heart of busy Chinatown's New Bridge Road, 2 famous bak kwa shops lie side by side: they sell almost the same seasoned barbecued pork that is popular in Asia.  One thing stands them apart: the shop on the left is packed with shoppers with queues while the shop on the right has zero customers.  This is despite the fact that the right side shop sells at half price than his neighbour, yet he has no sales. 

Fact 1: If you sell on price, you may not have more business

Fact 2: If you cannot differentiate what you sell, you have to sell on price

Fact 3: It is not your competitors that cut your price, it is you that cut your price

Fact 4: People follow the crowd.  When you sell well, you sell even better

Fact 5: If you don't know how to sell differently, cutting price may be the most silly thing to do

Fact 6: Product differentiation is not easy to do.  Most would rather cut price first

Fact 7: Improve your product to be better than your competitors, and you can sell at prices that are even higher than them 

By Andy Ng, Sales Trainer at www.AsiaTrainers.com, courses at here and related articles on business include:

1. Despite great marketing, why Samsung Galaxy phones don't sell well this time 
2. A better choice: sell more on higher margins
3. Why training your sales team may make them more unhappy 
4. Instead of lowering your price, give these 13 zero cost high value things to customers
5. How to multiply your sales in 7 easy ways