Is Price All That Matters?

Too many salespeople, professionals and business owners labor under the belief that customers are only looking for the cheapest possible price on everything. As a result, they undervalue what they sell, discount when they shouldn’t, and needlessly throw away profits.

The fact is, however, price is not the only thing that matters to buyers. I’m not saying price isn’t a factor; it’s always a factor, just not the only one.

And for most people, it’s not even the biggest one. Not by a long shot. In fact, price always comes in last in surveys of buying behavior, both among consumers and business purchasers.

What do buyers rank as more important than price? Lots of things, including:
    • quality
    • service
    • convenience
    • prestige
    • atmosphere
    • reliability
    • durability
    • exclusivity
    • speed
    • ease of use
    • safety
    • versatility
    • environmental friendliness
    • and much more.

Think about it: If price were all that mattered, there would only be one brand of everything—the cheapest brand. And there would only be one place to buy it—the cheapest place. Thousands of businesses wouldn’t even exist. Companies like:
    • Lexus
    • Ritz-Carlton
    • Prada
    • Apple
    • Nordstrom
    • Jiffy Lube
    • Ben & Jerry’s
    • Whole Foods
    • 7-11
    • Morton’s of Chicago
    • Starbucks
    • FedEx
    • Hugo Boss
    • Godiva
    • Nike
    • Victoria’s Secret
    • Rolex
    • Dom Perignon
    • Bose
    • Viking

All of these companies (and many more) sell premium products and services at premium prices. (Heck, in the case of Jiffy Lube and 7-11, they sell ordinary, everyday products at premium prices.) And you can too!

Just figure out what makes you better than—or at least different from—your competition. What is it about your company, product or service that makes it more desirable, and thus, more valuable to your prospects? (Keep in mind that what you value and what your prospects value can be very different.)

In other words, determine what really matters to your target market and emphasize that, rather than price. Your sales and profits will soar!