“Price” is consistently one of the top selection criteria for nearly every product category. “Value” is normally up there too. But what does “value” really mean?
Price is all about costing less than the other guy. If we were to read a market research on that alone, we would assume that at the end of the day, all people want is to pay less for stuff. So businesses try to cut costs, theoretically giving people what they want. Quality suffers. Service suffers. And people get pissed off that they’re not getting what they paid for. Oh, they’re getting what they paid for. If only they had understood that the price they were paying for before was totally right for what they were getting.
You see, people are willing to pay for things when they see “value” in what they’re getting. A business shouldn’t try to continue to find ways to beat the competition on price, it should be trying to find ways to show customers the “value” in what they’re getting.