The Problem With Product And Price Marketing Video Transcription:
Thomas Green here with Ethical Marketing Service, today I would like to talk to you about the problem with saying this is my product and this is the price in your marketing.
The issue is that anyone can do that and there is no differentiation. If there is no differentiation, a customer will look at price alone. If they look at price alone and it’s a product, then that favours the bigger companies who can sell larger volume for a lower price. If it’s a service, they would have a much bigger marketing budget and so can make a lot more noise and get in front of more people than you can.
When you focus on product and price, all the competition has to do is sell the same product at a slightly cheaper price than you and they now have the competitive advantage.
Not only that, but it’s actually a minority of the market that buys on price alone, so if the only way you can compete is by price, you are missing out on a lot of people who would prefer to pay for quality than just get the cheapest price.
There is a part of the market that is able to afford much more that the expense of your highest priced product or service, so you at least want to have options for them rather than catering to the other minority who only want the best price.
The cheaper your price, the more clients you have to find in order to make your business a success. I have found it’s also the case that people tend to take just as long and go through the same decision making process regardless of the price of what they are buying.
My approach is to focus on providing as much value as possible and in my book to be released very soon and to be on the early bird list visit ethicalmarketingservice.com/book , I make the analogy:
“Your Marketing is your lawyer and your potential prospect is the jury. You are on trial for the survival of your business. The verdict can go either way, but it’s up to you to make the case and it better be an extremely good one.”
If you need any help with your marketing, it’s ethicalmarketingservice.com and I’ll speak to you soon