Never discount your price!

“If your only entry point is price, you don’t get their loyalty,” Zhang said. “And if price breaks is your only selling point, there is always someone who can undersell you.” These are the prophetic words of an attorney currently competing for business in China.

Price may control in the short run; in the long run, however, it will be quality and relationships that will govern who gets the best business. Chinese are very astute business people, in my experience, and it will not take long for them to understand how Western law firms operate and how to differentiate among them to address China’s concerns.

There is a lesson in this for all of us. Never discount price. Price is not what sells in the long run.

See more on the China experience.

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