Marketing Myth #3: Price is the Most Important Factor

It’s not. Price is not the end all of Important Factors when people make buying decisions.

The old and true adage of choosing 2 of three things – speed, quality, price – holds a lot of real water. Some say you can have two only, of any combination at any one time. But not three.

Why not three, I ask?

  • I’d agree with the realism that IF someone wants fast, it won’t necessarily be the best quality. Occasionally, yet if you’re asking that speed be the dominant qualifier, then get ready for the consequences.
  • If someone wants it done well – a quality piece of work – then speed isn’t usually in the same breath. Occasionally, yet (again) quality generally takes more time than many are interested in waiting.
  • If someone wants a low price, then get ready for a not-as-high quality piece of work, and perhaps getting it really fast because, you know, care wasn’t part of the deal.
Keep breaking Marketing Myths....they hold you back.

Keep breaking Marketing Myths….they hold you back.

I believe you can have some semblance of all three together. What we must keep in mind is that all three of these components are also subjective. What’s Quick to you? What’s Quality to you? What’s Cheap to you?

Marketing is deserving of an appropriate time line, with a dedicated realistic budget and done well. Otherwise don’t bother being in business. Really.

What’s missing from these three is what encompasses all three together: Value. Value is what we can all agree on. Value is elastic enough to fit our own subjective lenses as well. What is ‘quick’ to you, what is your magic price range, and what is quality to you? These all roll into one big marketing cinnamon roll.

Marketing is communication. Take time to think about what really matters to your clients – not to you – first; then see how you make the equation work for you within your parameters. You get what you pay for.

Here are a few more good Marketing Myth Articles for you: One, Two & Three

 

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