The whispers about next year’s economic turbulence are getting louder. You can see it from the headlines and the reality happening out there. For local businesses in Malaysia and across Southeast Asian countries, they speak of pain. They speak of challenges. They speak of hardships. With global headwinds stiffening, the consumer who walks into your store, or clicks on your website, is fundamentally different than they were years ago. They are safeguarding their wallets tightly, they are becoming more sceptical, and they are obviously distracted by the endless stream of cheap, imported goods flooding in from some countries.
The temptation for any local entrepreneur facing a sudden drop in sales is to slash prices. Please, don’t do it. A price war is a battle you cannot win against entities built on an immense scale. Instead, elevate your relevance. To thrive, you must stop competing on price and start dominating on value perception and customer mindshare. You need to be creative when establishing your pricing structure. Here are the three fundamental strategic pivots you must execute now.
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