Marketing School | Digital Marketing | Online Marketing

In episode #737, Eric and Neil discuss whether cheaper is better. Tune in to hear if you are shooting yourself in the foot by charging less. TIME-STAMPED SHOW NOTES: [00:27] Today’s Topic: Is Cheaper Better? [01:00] Some people say you pay what you get for, but sometimes cheaper is better. [01:30] There is a diamond company that makes the stones in a lab. When they sell them for less, no one wants them. When they sell them for the same price as mined diamonds, they sell out. [02:00] The quality is the same, but the diamonds are made in simulated conditions. [02:28] If two advertising companies charge two different rates, most people will pay the higher rate for a smaller company and more focused attention. [03:05] People often question the quality of something if it’s too low of a price. [03:30] There is no exact science to setting a price point, so do your research and run tests. [04:20] That’s it for today! [04:24] If you could take two minutes out of your day, we are trying to improve the liste