Lowering the price is a one-directional, single-axis choice. Either it’s cheaper or it’s not.
At first, the process of lowering your price involves smart efficiencies. It forces hard choices that lead to better outcomes.
Over time, though, in a competitive market, the quest for the bottom leads to brutality. The brutality of harming your suppliers, the brutality of compromising your morals and your mission. Someone else is always willing to go a penny lower than you are, and to compete, your choices get ever more limited.
The problem with the race to the bottom is that you might win. Even worse, you might come in second.
You can read the rest of his advice here.