1. Product Differentiation Strategy

The reason behind this strategy is that your product offers unique or additional features that your competitors do not. For example, if you are selling handmade cars instead of assembly line manufactured cars, you are giving customers the benefit of the customized vehicle.

The customer is ready to pay more because of the nature of the product. If your competitor provides only three services in the package whereas you provide five at the same price, that is called product differentiation. Clients are therefore more likely to purchase your product since it offers prime value.