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Is Price Really the Issue?

By: Kevin Nunley

Kevin Nunley provides marketing advice, copywriting, and promotion packages. See his 10,000 free marketing ideas at DrNunley.com Reach Kevin at kevin@drnunley.com or 801-328-9006.

Most people think the most important determining factor in a sale is the price. But recent studies show that consumers ranked price no higher than 9th and, on average, 13th in its level of importance.

So if the lowest price isnít what your customers are looking for, what do they really want? Well, first of all, many people wonít buy the lowest priced item because theyíve had bad experiences with "cheapies" in the past. People tend to relate inexpensive with "will break easily," or "will cause me aggravation."
Apparently, buyers are more interested in the value of a product than they are in the price.

The real determining factor in a sale is the "total cost" of an item. That is what determines real value. Total cost is not just price, but what youíll actually get for the price. If you have the choice of paying $50 for a product that will not work properly, or $200 for one that will do exactly what you want, the more expensive product is the one with the preferable total cost.

One effective strategy for pushing total cost over simple monetary cost is to ask your customers questions like, "What will this be worth to you?" and, "How important is this to you?" These questions prompt your potential customers to really think about the total cost and the value.

So before you mark your products as the lowest priced around, think about what the real value is to your customers.

© 2003 DrNunley.com.

Other Articles by Kevin Nunley

The author assumes full responsibility for the contents of this article and retains all of its property rights. MarcommWise publishes it here with the permission of the author. MarcomWise assumes no responsibility for the article's contents.

 

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