Do you know that when you lower your price to kill your competitor, you are also killing yourself? Our first store was on the main road of the city. All around us were other stores selling the same products we did. At that discount rate, we were both losing money by selling below costs. To make up for our losses, I started to increase my selling price. I know that when we stopped at 50%, they also stopped fighting us. The only way both of us could get out of that situation and still stay alive was to stop fighting and collaborate. Now, was that a happy ending? Of course, not. There will always be casualties. Don't aim to kill them, especially if you're new at the business. You might end up getting killed because they know the business more than you do. Never start a price war. And so, these are Mommy Negosyo's tips for you: When you give value to your customers, they'll buy from you and your sales will increase. Remember, it's not always about the price. Finally, know, really, really know why you are better than your competitors. And always communicate it to everyone: your customers, employees, and yourself. “Competitors are not your enemies. Don't aim to kill them, especially if you're new at the business.” Highlights of the episode: How to compete with other business? Why should we avoid price wars at all costs? Connect with Mommy Negosyo: Website Instagram Facebook Purpose Driven Business Builder Facebook Group Grow Your Business Pinoy Facebook Group YouTube TikTok

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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