Being the low-priced provider is one strategy, but if you are going to make that work you’d better have the lowest cost and high volume. I don’t like that strategy. In my industries, those that try that retire broken and unhappy with nothing to show for it, and their customers have paid the price by being disappointed.
Instead, be the High-Value Low-Risk provider.
You have to be good at a lot of things to do this – like quality, team building, and retention, innovation, and communication. But in the end, if you can pull it off, everyone is happy – customers, employees, and stakeholders – the Triple win!