"I can get the same thing at GNC or WalMart…"
Who hasn't cringed at hearing that? And sometimes, even reps have told me THEY think their product is kind of expensive.
What to do?
Instead of trying to justify the price at that moment, ask yourself this:
Are speaking to the right person? They might not be a member of the niche.
"It's too expensive" is a completely subjective assessment. Depends 100% on the values and priorities of the person speaking.
And we're not the same in values and priorities.
My Range Rover is "too expensive" according to some who are happy with something less expensive.
My tennis racquet is too expensive for someone else who gets theirs at WalMart
My organic spinach is too expensive for someone who doesn't mind regular.
However, my copy paper I don't care about, and I get the cheapest recycled stuff there is. For someone else, that's important and they get the expensive, good kind.
Think of anything that matters to you – your child's education; your skin or your shoes, or a hobby or cause you are completely devoted to. When it comes to those things, is anything too good?
Do we even need a reason to get that special high-end stroller, that Prada outfit or the must-have new computer or video console?
Here's a little secret: Everything that is extra special to you is something that you are not especially price sensitive to.
It's the "nothing's too good for X" syndrome.
If your health is #1, you will do what it takes to keep it. If your supplements are important to you, you'll spend what it takes on the high end supplements. I know I do.
Moral: Whenever someone tells you "It's too expensive" the person is likely NOT a member of your niche – they don't share your values about the thing you are marketing.
Like asking someone if they play tennis. How long will you keep nagging if they say they don't play?
Find your niche partners. People whose values, as reflected in your product or service, are similar to yours. They're not price sensitive then because they share that value.
So keep on asking – for members of your niche.
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Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Why is ad sense retiring? profit decreases or privacy issues?
By: Rick Marengo AXLR8 | 27-07-2008
Is that why the adsense stuff disappered suddenly from the right hand side of my gmail? Were there privacy issues or did that play a part?
Response to: The Golden Age of Digital Marketing - 23 July 2008
By: Ray | 25-07-2008
89N The Golden Age of Digital Marketing - 23 July 2008
It was with much interest that I read the report on the Netimperative Directors? Dinner discussing the golden age of digital marketing.
I completely agree that the marketing profession faces many challenges in its ambition to be taken seriously at the highest levels of business. As the various speakers highlighted, one of the key challenges is the perception of what marketing is.
Recent research carried out for The Chartered Institute of Marketing by Ipsos MORI revealed that 73 per cent of working marketers surveyed believed there was a large gap between the reality of what marketing does and how it is seen by other parts of the business.
Until marketing is recognised as a key driver of value in organisations, it will struggle to gain the respect of other professional business colleagues. However, marketing must earn that respect.
As highlighted by several speakers, marketers must reach out to colleagues in other functions and those at a senior level, and communicate clearly with them the value they create for the organisation, in terms they understand ? which in boardrooms is predominantly financial.
The Institute continues to promote the profession and attempt to change attitudes towards marketing in the wider business community. It has established links with various government departments to promote professional marketing, and has developed professional marketing standards that employers can benchmark their employees against.
The drive towards proper recognition and respect for the vital role marketing has to play in today?s organisations has to start with greater accountability and clearly demonstrating the value marketers create.
I am in no doubt that digital marketing, with its greater measurability, will be in the vanguard of marketers? increasing acceptance at the top table.
Ray Jones
The Chartered Institute of Marketing
25 July 2008
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