Why is it a myth that “price is the most important factor for customers”?
Many businesses compete solely on price, believing it's the most critical factor in customer decisions. While price matters, it's rarely the only or primary factor.
Flaws in this assumption:
Emotional Buying: Customers often buy based on emotions, brand trust, or personal values.
Quality Expectations: Low prices can signal lower quality, turning away certain customers.
Loyalty and Experience: Superior service, reliability, or brand values often outweigh minor price differences.
Hidden Costs: Customers consider total value, including shipping, return policies, warranties, or user experience.
Niche Preferences: Certain audiences prefer premium or unique offerings, even at a higher price.
Competing on value rather than price alone often builds stronger, longer-lasting customer relationships.
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