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[Podcast] #323 Michael Solomon on Price as a Shorthand to Value

Posted by Ilise Benun on

In my second conversation with author and marketing professor, Michael Solomon, of michaelrsolomon.com, he explains how to use your price as an indicator of quality and attract the clients who value your services.

Listen here or below and scroll down for a short excerpt: 

"Price is part of your brand. It’s one of the components that goes into your brand. All things equal, consumers use price as an indicator of quality.
If I don’t know anything about perfumes - and I know that I have to get my wife something for Valentine’s Day or I’m going to sleep in the backyard - if I go to the store and I see 10 bottles of perfume on a shelf, for argument’s sake I’m going to assume that the highest price one is the best. The lowest price one would be tempting for me to buy but the consequences would be really dire.
Again, knowing nothing else about the product, price is a cue that is very important. What it comes down to is, if you don’t believe enough in yourself to charge a reasonable fee (assuming that you can deliver of course on what you promised) then why should the client value what you have to offer, if you don’t value it yourself?

Listen to the whole interview here. If you like what you hear, subscribe on iTunes and sign up for Quick Tips from Marketing Mentor.  

And if you need my help, sign up now for the free 30 minute mentoring session -- it's not a sales pitch, I promise!


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