In addition, one thing to consider is that the value in a product does not just come from the product itself, but from the seller. Don't forget the time proven fact that people buy from people who they know, like, and trust.
Things like friendly service, proper follow-up, and just a genuine caring about your customers can go a long way towards making them repeat customers, and also towards them sending you referral business.
I would gladly pay more for a product from someone that I genuinely trusted and liked than to save a few bucks by going to a competitor whose only competitive edge was that they undercut a price.
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