Differentiating Your Product
If you want to run a successful business, then you can't compete solely on price. Offering the lowest price and hoping to make it up in volume is the easy way out, the lazy person's guide to increasing sales and it doesn't necessarily mean that you are going to turn more of profit. If you really want to grow your business and make more money, then you are going to have to figure out ways where you can charge more money for your product and to do that you are going to have to differentiate from your competition. There are several ways that you can set yourself apart other than price, so let's take a look.
1. Associated Products - Can you bundle additional products to go along with yours, thus increasing your total profit on the sale? If you are buying a hot tub, normally they also try to get you to buy all of the spa products that you need to use.
2. Deliverability - If you are offering an informational product, what forms are you delivering that content? If you competitors are all selling ebooks, maybe you can offer the same thing in audio files, or better yet, video and charge more for these upgrades.
3. Support - Do you have customer support readily available on your site? Can the customer call, email, and use live chat? Hit all of the options so you allow them to get in touch with you however they feel comfortable.
4. Guarantee - Are you confident that your product will deliver? You can translate that confidence into a guarantee, which can lead to you charging a higher price.
All of these things work to set you apart from the competition, plus there are plenty of others. If you have any tips then I'd love to hear them in the comments.