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Live by Price … Die by Price: How Pricing Strategies Affect Marketing Success

We (that is you and I) have more problems with price than our prospects do.  We communicate price to our prospects and educate them to give price primary consideration.  We act as if price is a winning strategy, and basically pin our hopes of success on its back.

Then along comes a competitor with a lower price and guess what – we lose a sale.  Whose fault?  Ours (yours and mine).  By concentrating on price, we create problems – not solve them.

The simple truth is, low price is not a valid marketing strategy because all it takes to defeat it is - a lower price. 

Yesterday, this point became abundantly clear.  I was shopping with my wife over lunch hour at a local supermarket and she asked me to go to isle six and pick up a can of sliced pineapple.  I disappeared for a moment and proudly returned with a can of Finast pineapple – a house label that was about 25% cheaper than the national brands.  I was so proud.

“Noâ€, my wife said.  “That stuff isn’t any good.  Go back and get me a can of Dole!â€

Obviously price was not important in her buying decision.  But something else was.  And that something else also begins with a “pâ€.

It’s “p†for perception.  Yes, your prospect’s perception of you is usually more important than your price.

If your prospect’s perception of you is that of a quality supplier, you’ll eventually win their business.  In many cases, “perception†is all there is to it.  Moreover, you can actually change that perception even though you might be selling the “same†product as your competition.

Don’t believe me?  Then take a hard look at the Toyota Camry L.E.  It’s a wonderful car with just about every convenience you could ask for at a relatively reasonable price.  But – if you buy the Camry in the form of a Lexus ES you will spend about $12,000 more. 

Now granted, the Lexus has a few more bells and whistles than its Camry cousin.  But is it really worth an extra $12,000?

I’m reminded of a quote attributed to the late great David Ogilvy who when asked if Chivas Regal was really better than a house brand of scotch remarked, “Don’t make me laugh.  What you’re tasting is the marketing!â€

Nonetheless, tens of thousands of intelligent people will spend the extra $12,000 on a Lexus – and what they will be buying for the most part is the marketing.  (Editors Note: I owned a Lexus ES300 a few years back.  Every time I got it serviced, the dealership would lend me a Camry LE – it always reminded me of the Chivas Regal story and it always made me feel foolish!)

Yes, perception is important.  Could it be that by focusing on price we set up an expectation of a lack of quality in the prospect’s mind?  It certainly seems that way.

And what about service?  By focusing on price do we create the impression that our service will be less than satisfactory?

Maybe.  Perhaps by focusing on price we set up the expectation in the prospect’s mind that he or she can “get a dealâ€.  In other words, if you’re dealing in what you perceive as a price sensitive market, don’t blame the prospect – first look at whether the customer has been made to be “price sensitive†by all the price marketing that’s going on.

Now please don’t misunderstand my message.  Price is most certainly an important issue.  And it always will be.  But it’s not as important as we all seem to think it is.  In survey after survey, however, price comes in third, fourth, and sometimes dead last in points to consider in the buying process.

Bottom line - if you live by price, you will almost always die by price.  It’s a crucial recognition that we all need to make.

I have validated for you a concept that is profoundly simple in use, and yet stunningly powerful in terms of the results it can produce for your business.  And it's a concept that you can implement where you stand.  Right this very moment!

The good news is I've merely given you one way to use it.  Download more marketing secrets for free here:  More Powerful Marketing Secrets

In the next set of articles, I'll talk about a few more secrets - and give you a more complete explanation of this technique. Stay tuned!

Mike Anderson is the CEO/Chief Marketing Strategist at Morgan-James, Ltd. located in Harrisburg, Pennsylvania.

Contact him at: contactme@lowriskmarketing.com or visit his website at http://www.lowriskmarketing.com

About the Author

Mike Anderson is President and Chief Marketing Strategist of Morgan-James, LTD., a marketing consultancy located in Harrisburg, Pennsylvania.

Over the past 30 years Mike and his associates have worked with several hundred small, medium, and large businesses.

Mike has presented marketing, sales, and writing seminars for such groups as the Pennsylvania Department of Education, Weight Watchers, and Nordson Corporation.

Mike has created record setting high impact radio promotions for both the furniture and jewelry industry throughout the United States, Canada and Great Britain. He creates sales letters, direct mail packages, ads, email marketing campaigns, brochures, articles, press releases, white papers, web sites, newsletters, scripts, and other marketing materials clients need to sell their products and services to businesses and consumers.

He also consults with clients on marketing strategy, mail order selling, and lead generation programs.

Prior to founding Morgan-James, LTD in 1976, Mike was owner of Creative Systems, an advertising agency, in Elyria, Ohio and was a Communications Staff Writer for Nordson Corporation where he authored numerous technical articles and created an audio newsletter that was distributed to Nordson offices worldwide.

Mike has appeared as a guest on several TV and radio shows including Financially Speaking, RJ Harris in the Morning, and the Todd Jeffers Show.

He was a ghostwriter on several projects including Three Mile Island: A Time of Fear and Deadly Pursuit – the latter became a Playboy Magazine Book Club Selection and an NBC Movie of the Week.

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