A thought for today.
By any measure, price is, or should be, a very narrow and shallow consideration.
It is, in reality, always relative. Competitors are substitutes that inevitably invoke and intrude their pricing in purchase decisions.
Price is dominant and most influential when value is discounted.
BUSINESS CHALLENGE
Educating, informing, influencing, and reassuring prospective clients and customers on the validity, advisability, and advantages of applying a value-based criterion is more than a challenge; it is an imperative.
Criterion is the standard by which you are or desire to be judged. Taking control of those principles, yardsticks, touchstone measures, if you will, is of heightened importance during the current volatile and vexed global economy and local marketplaces.
Indeed, advertising, marketing, and communication strategies and campaigns should centre on that issue before any emphasis is placed on the company’s promotion, brand name, product, service, application, and features.
The West Australian car dealer who declares, “Choose your dealer before you choose your car,“ wins consistently. This is primarily because he has removed competitors from the purchase process.
Travel agents, insurance brokers, telecommunication retailers, retail pharmacies, accountants, and lawyers who influence decision criteria to include value, service excellence, and peace of mind exercise more control and enjoy better outcomes.
Imagine the allure and competitive advantage that would be enjoyed by any new home builder who could and did extend “the invitation to treat”: Ready when you are?
Only delivering the promise would be non-negotiable.
BOTTOMLINE
When you can’t differentiate what you sell or when price dominates, change how intending customers, consumers, and clients will determine their optimal and best decisions.
Price is and always will be a consideration. It will be (arguably, rightly) secondary when criterion or criteria are considered, determined and emphasised. Therefore, take back control.
It is a value judgment worthy of consideration.
By: Barry Urquhart
BIO:
Barry Urquhart is a distinguished market research and strategic planning consultant. He is widely respected as a keynote speaker at leading conferences across Australasia and the acclaimed author of Serves You Right! And Service Please!, the region’s two best-selling books on customer service excellence.
A trusted voice in business strategy, Barry frequently leads impactful business development workshops, guiding organisations towards sustainable growth and service leadership.
Get in Touch with Barry: Email: urquhart@marketingfocus.net.au, Mobile: +61 041 983 5555.
