Price is not king. Not on the Internet, not anywhere.
Now don’t misunderstand. Price is a critical attribute of any competitive product. But let’s not place it on too lofty a throne.
No one wants to pay more than she must to buy what she wants. Who doesn’t seek good value? But a fair price and a good value are entirely different from the lowest price.
Among e-tailers, the argument usually goes something like this: “My visitors are just a few clicks away from my competitor. If they see the competition has a lower price, I lose the sale.”
That’s certainly true. A portion of your visitors will always scavenge for the lowest price — but only a portion.
Playing the lowest-price game is a losing battle for many online retailers. The casualties are profit margin and, often, sanity. Businesses scramble to meet low-price demands and chase customers who pimp their loyalty for a nickel in savings. Playing the lowest-price game just isn’t any fun.
If you want to elevate your site’s offerings above the messy low-price battlefield, there is a way. Start by letting go of the coupon-clipping, penny-pinching customers, and end by delivering more than visitors expect.