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Friday, Nov. 19, 2004 at 2:23 pm

Climbing Out of the Lowest-Price Trap

By Bryan Eisenberg
November 19th, 2004

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.

Continue reading my column at ClickZ…

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Bryan Eisenberg, founder of FutureNow, is a professional marketing speaker and the co-author of New York Times and Wall Street Journal bestselling books Call to Action and Waiting For Your Cat to Bark and Always Be Testing. You can friend him on Facebook or Twitter.

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