There is a common misconception that “price” is the deciding factor in most purchases. The reality is that, while price is a factor, most purchases are based on a combination of emotional and rational considerations with the deciding factor being whether the purchase is “relevant” to me as a consumer—does it deliver what I need in terms of value, ego, quality, etc.
In the book Relevant Selling, author Jaynie L. Smith examines companies who have been “guessing” at the things customers most want, and have been way too focused on “price” as a differentiating tool.
The author suggests that few companies give customer opinion the weight it deserves, often communicating a single marketing message that does nothing to address their audiences. She suggests the lack of depth is due to the fact that they don’t even know what their customer values in their company, product or service.
Consumers are in control, and will discover and evaluate brands on their own. Relevant Selling says you need to pay attention to your consumers—now more than ever.