You're facing price wars with competitors. How do you uphold brand integrity and value perception?

First off, don't succumb to the pressure of lowering prices. Hold the line and focus on what the brand truly represents. Is it a quality product with unique attributes and attention to detail? Does it have a story and a rationale which relates to pricing? What differentiates it vs. the competitors? A quality brand should have a story to tell and a clear message to the consumer. It should resonate and stand out. This is the point where marketing, PR, commercial now how and creativity (both on the marketing and commercial side) come into play. An organization has many options before taking the dangerous decision to start lowering prices, which could result in a downward spiral. Follow your own path, that is the sign of a category leader!

In a price war, your brand’s strength lies in what makes you different, not cheaper. By focusing on unique features or added services that competitors can’t easily replicate, you shift the conversation away from price and towards value. Whether it’s offering a standout loyalty program, exceptional customer support, or an exclusive feature that solves a key customer pain point, these unique offerings give your audience a reason to choose you beyond just the price tag. It’s all about creating a perception of value that resonates with customers and keeps your brand positioned as the quality choice.

In price wars, I've found that leaning into a brand story is key. Instead of slashing prices, we'd focus on what makes us unique. Maybe it's our sustainability commitment or our scrappy startup roots. I'd weave this narrative through all our marketing. It's about creating an emotional connection. When customers buy into your story, they're often willing to pay more. I've seen this work wonders. Customers become advocates when they feel aligned with your brand's values. It's not just about being the cheapest – it's about being the most meaningful choice. Of course, we'd need to walk the talk. But done right, a strong narrative can maintain our value even when competitors are undercutting us.