Is Cheaper Better? | Ep. #737 - Marketing School Podcast

Episode #737

Is Cheaper Better?

August 07, 2018

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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!
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