Stefan Drew - The Marketing Magician

FE, Education & Business Marketing: Quick, Effective, Low Cost Marketing

Stefan Drew - The Marketing Magician

Understanding the Value of Price

Bread at this price proves price isn't a deterrent if you position it correctlyLow Prices Say Cheap & Nasty, Higher Prices Say Quality

 

OK, that a generalisation and there is a place for piling it high and selling it cheap. But generally speaking, people don’t buy on price alone. They also need to trust a brand. For example, if you buy some glue to make a repair, you expect the glue to work. So if you have to choose between a well-known brand and a cheaper unknown brand. There is a risk with buying the cheaper on here. Trusting the brand is important in this situation. The higher price buys you more than a tube of glue. It buys trust as well. 

It’s easy for a retailer or a freelancer to believe that the best way to succeed is to be cheap. But just about every important brand (and every successful freelancer) didn’t get that way by being the cheapest. They offered more than low prices. Low prices will always be beaten by a competitor with lower overheads .. maybe from another country or with better technology. 

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

We are sorry that this post was not useful for you!

Let us improve this post!

Please follow and like us:

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RSS
Follow by Email
Facebook
Facebook
Google+
http://www.stefandrew.com/stefan-drew/2018/01/understanding-the-value-of-price.html">
Twitter
Pinterest
Pinterest
LinkedIn
Instagram
feedback_caps.png