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I’ve loved all the comments on this week’s post about low price vs. value.
When I created a link to the post on my Facebook page, it started a whole new conversation over there.
Take a look at this exchange between Brett Feinstein of Pound & Feinstein, Dennis Collins of New American Marketplace, Dave Young of Branding Blog, and Tom Wanek of Marketing Beyond Advertising.
Their thoughts on low price, corporate competitors, and value is so good, I wanted to make sure I shared it with you. Do you have any thoughts you’d like to add about when “low price” is the strategy to try?
Michele Miller is a writer, speaker, and consultant on ways to capture the heart of the female customer. The co-author of The Soccer Mom Myth, she consults with businesses of all sizes across North America
One word I don’t see in any of these conversations is “service.” My client, Hawaiian Airlines, is one of the last airlines to serve complimentary meals on all flights, plus to infuse all their dealings with customers with a spirit of “Mahalo” or Hawaiian hospitality and graciousness. They have the best on-time record and baggage handling record of any airline.
Yes, they have to make their fares competitive. But customers are buying more than a seat on a plane — they’re buying a good travel experience.
I love the way you teach by stepping back to “show” us the facebook conversation.
This was my ding-dong moment:
One you become know as the “lowest prices” it’s surprising how long that sticks.
Yeah, really!
I was glad to see Tom talk about Personal Experience Factor. One interesting part of the equation neglected in most of the discussion above is the fact that not every customer is swayed by price.
Last fall the National Retail Federation published a survey where 40.2% of the respondants said that “Sales & Discounts” would be the number one factor in determining where to shop. 12.6% said “Everyday Low Prices” would be the number one factor. Their conclusion was that price was the overwhelming factor for customers in deciding where to shop.
I’m not a mathematician, but if 52.8% are choosing based on price, then 47.2% are choosing based on something other than price. 53/47 is a landslide in an election, but a virtual tie in retail. 47% is a lot of customers to ignore when you only focus on price.
Plus, that 12.6% wanting “everyday low prices” is really just looking for VALUE. Which leads us back to the original post. Hmmm…