Price Comparisons

When we are talking marketing, we are always talking about some kind of marriage between psychology and practicality. You might be advertising a new toothbrush, or you may be trying to sell a new brand of running shoe. Either way, you need to come up with an effective strategy which both intrigues potential buyers and predisposes them towards a conversion.

Common sense has always indicated to businesses that two forms of marketing are best when trying to move a product out to the masses. These two forms are also backed up by both formal and informal research into marketing strategies. They are the customer review and advertising lower prices. Both are proven ways to not only pique the interest of potential buyers, but also in increasing the chances of those customers buying the advertised product.

While these two marketing techniques have both proven to be effective, sometimes they can actually work against each other as far as marketing efforts go. It is important for any business considering lowering its prices to remember that we live in an information age. Word about all products, from smart phones to home decor, is spread much easier via the Internet today than ever before.

If lower prices are the result of cost cutting in some areas of production, then this type of unsolicited customer review is something that a business may not want. Offering lower prices for services at a specific shop may increase business in the short term. However, if the cost of that service is less attention to important after removal services, the word is likely to get out. Customers are not likely to remember the price, but rather the result of their use of the product.

Marketing firms have shown that the above mentality is the key for businesses when determining which marketing method to follow. While budget concerns may be at the forefront when it comes to products such as discount aquarium supplies, nine times out of ten a customer will forget the price and only remember the quality of their purchase.

Fortunately for all businesses, the concept of lower prices can be enforced through a customer review when the reviewer has a positive experience with the product or service in question. A look at any review will quickly reveal this fact. Generally, the customer will begin by extolling the virtues of a product such as a power drill before moving on to the actual price. A lower price will factor in, but only after the reviewer has made clear the actual value of the product.

When it comes to which advertising technique works best for any business, then, it is clear that customer reviews trump lower prices any time. This is true even when the discounted price has not affected the product itself; customers will still focus on quality (and the fact that the quality is verified) over price.

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Tuesday, May 21, 2024