Small businesses can better distinguish themselves from their competition with services and features rather than trying to beat them on price. Consider the ways in which your business can differentiate itself.
- Innovation is more than just adding new products to your portfolio. Launching existing products in new markets can also be an effective form of innovation for your business.
- Consider geographic markets as well as new sectors and industries in which your business is not currently positioned.
- Quality improvements to existing products also go a long way to increasing customer turnover and loyalty, hence decreasing the focus on price.
In short, keep doing what you do, but do it better.
Compliments the Growing Business Handbook - 12th Edition