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Everyone knows price matters to consumers, but a new study suggests the lowest price doesn’t always win. Even more important to consumers is the reputation of retailers—and how prices correlate to that brand reputation.
Price Still Matters
This guideline comes from Concordia University’s John Molson School of Business, which does agree that price remains an important factor for businesses. But price is a relative figure that relates to the reputation of a business, and consumers typically gauge whether a price is good based on how it compares to a brand’s reputation.
In other words, a high price isn’t a deterrent to many consumers, as long as it corresponds to a positive reputation. When price and reputation seem misaligned, consumers are turned off....
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Move your business away from price wars and discounting! Build your reputation so you can work with your ideal clients more often and start building your prices! Almost all of us will pay more for a better product or service, but we have to believe it is better and also better value. Being expensive is fine, being over-priced is not! Show your value by becoming a leading authority and an educator in your field. The better you become at educating your ideal clients the more you can charge for your services.