Ever felt threatened by your competition? I have. Here’s what I did.
It was my first time speaking at a large conference in DC. I was barely covering payroll but decided to buy a booth in the exhibit hall. Imposter syndrome kicked in, and my inner critic said, “You look like an idiot. If you were really successful, you’d have staff manning this booth.”
I tried my best to engage with prospects until the hall closed. Suddenly, two large men with Russian accents approached me.
“Do you know who we are?” they asked. My heart pounded.
“We’ve been watching you. We’re cutting our prices in half tomorrow and marketing to your clients first. We have a longer runway and we’ll outlast you.”
I was one of only a few women tech founders in my market. They thought they could intimidate me. Instead, I felt a surge of adrenaline and said:
“Bring it. I’m not worried. You don’t understand this market. We don’t sell a commodity. Our clients see us as strategic partners.”
I sounded more confident than I felt.
After the conference, instead of fighting a price war, I doubled down on value. Our price stayed the same, but we added exclusive content like industry trends, forecasts, online workshops, and forums.
It did more than differentiate us. It kept us relevant and our customers loyal. That’s when my business really took off.
A year later, those guys closed up shop. We had our best year.
Never compete on price. It’s a race to the bottom.
Stand out with value.
