As a small business owner, you have often had customers tell you that supplier XYZ is offering them a a better price. More often than you realize, the customer may not be telling you the true price – but you know it is a bad idea to challenge their statements. Challenging a customer regarding what they are being offered by a competitor will only get their back against the wall – and may cost you a sale or the potential loss of that customer.
Playing the price game is not only bad for your bottom line, it sends a message to customers and your competitors that you have overvalued the true worth of your product or service. Allowing your price to be shaped by your competition also shows that you will allow them to set your prices – and potentially price you out of business.
Instead of trying to compete with a price that your competitor may or may not have offered your customer, try to compete on other grounds – such as gained trust, value and perhaps even easier access to your products and services. If you have worked for some time with that customer and they are happy with your product, try to compete on the quality of your product and the excellent ongoing customer service that you provide. If he or she is a new customer, offer them a better guarantee or better terms in exchange for their business.
Small business owners are often faced with the challenges of pricing points of larger competitors, but it is also the job of a small business owner to educate customers of the short-term gains of receiving under-priced good and services. When a product is under-priced, at some time the price does have to go back up. Additionally, when a service is under-priced, at some point the quality of the service will likely go down.
The consumer of a product or service that has been deeply discounted in order to get the deal, may also wonder what hidden costs they will incur and when the price will go up when the deal period is over. If you were leasing office space for rent at a great price for 6 months, do you know what the price will be for the remainder of the term of the lease? These are important things to point out to customers when they tell you they are being offered a great deal by your competition.
1. Jennifer Smith
General Manager
The Omni King Edward Hotel
37 King Street East
Toronto, ON
M5C 1E9
Tel: 416-863-9700
Website: www.omnihotels.com/hotels/toronto-king-edward
2. Mark Perry
General Manager
Executive Hotels and Resorts (Boutique)
8 Colborne Street
Toronto, ON
M5E 1E1
Tel: 416-350-2419
Website: www.spazen.ca or www.cosmotoronto.com
3. Emeline Boul
General Manager
Hotel Victoria (Boutique)
56 Yonge Street
Toronto, ON
M5E 1G5
Tel: 416-363-1666
Mobile: 647-574-5832
Website: www.hotelvictoriatoronto.com
4. Omkar Sawant
Reservations Manager
One King West Hotel
1 King Street West
Toronto, ON
M5H 1A1
Main: 416-548-8100
Reservations: 1-866-470-5464
Website: www.onekingwest.com
5. Van Nguyen
General Manager
Cambridge Suites Toronto
15 Richmond Street East
Toronto, ON
M5C 1N2
Direct: 416-601-3757
Hotel: 416-368-1990
Website: www.cambridgesuitestoronto.com
1. Michael Pagliaro
Carisma (Italian)
15 Toronto Street
Toronto, ON
M5C 2E3
Tel: 416-864-7373
Website: www.carismarestaurant.com
2. Patti Shaw
Terroni (Italian)
57 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-203-3093
Website: www.terroni.com
3. Declan
Restaurant 20 Victoria – Michelin guide approved
20 Victoria Street
Toronto, ON
M5C 2A1
Tel: 416-804-6066
Instagram for reservations: https://www.instagram.com/twentyvictoria/
4. Mana
Nami (Japanese)
55 Adelaide Street East
Toronto, ON
M5C 1K6
Tel: 416-362-7373
Website: www.namirestaurant.ca
5. Restaurant Lucie
100 Yonge Street
Toronto, ON
M5C 2W1
Tel: 416-788-9054
Website: www.restaurantlucie.com
6. Niam H
Cantina Mercatto
20 Wellington Street East
Toronto, ON
M5E 1C5
Tel: 416-304-0781
Website: www.cantinamercatto.ca
7. Siva Sathasivam
Uncle Tony’s
38 Wellington St E
Toronto, ON
M5E 1C7
Tel: 416-455-6650
Website: https://uncletonys.ca/
8. Pizzaiolo
104 Yonge Street
Toronto, ON
M5C 2Y6
Tel: 416-860-0700
Website: www.pizzaiolo.ca
9. Robin Singh
Woods Restaurant and Bar
45 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-214-9918
Website: www.woodsrestaurant.ca
1. Thom Tullo
Morpheus8 by Inmode
47 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-863-6564
Website: www.amanspa.ca
2. Altitude Athletic Training
56 Colborne Street
Toronto, ON
M5E 1E3
Tel: 416-366-3838
Website: www.altitudeathletictraining.com
3. Physioheath Studios
33 Victoria Street, #130
Toronto, ON
M5C 2A1
Tel: 416-368-2525
Website: www.physiohealth.com
We are by far the most experienced and best coworking team in the market – established in 1980
18 King Street East, Suite 1400
Toronto, Ontario M5C 1C4 Canada
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