Micah Solomon, Contributor
I write/speak/consult on customer service and the customer experience
The Wisdom Of Homer (Simpson)
Homer Simpson would never select the cheapest wine on the menu; connoisseur that he strives to be, he’s careful to always pick the second-cheapest wine on the menu.
To an unsophisticated customer like Homer, a high price is a clear marker of quality in products and services.
Don’t be so quick to laugh at Homer, though. Even if we are more urbane and knowledgeable shoppers than Mr. Simpson, we still get cues from pricing: cues about value.
Fill line marker on wine glass © micah solomon micah@micahsolomon.com
I often speak (as akeynote speaker andconsultant on the customer experience and customer service) about the importance of signaling to your customers that you’re providing value. Here’s a good equation to check the value you’re providing: Value = Personal Benefit minus Cost and Inconvenience.
The thing is, the “personal benefit” variable can easily override the cost factor for a significant sector of the market, at least up to a certain point. Not everybody values money the same, clearly: If commerce were all about low pricing, there would be no space for retailers like Nordstrom; everyone would be shopping at Walmart. Instead, for Nordstrom customers, quality, personal shoppers, and a great return policy provide a personal benefit that make the equation—for them—work out in favor of paying more to get more.
Discounted stamps, Costco.com
Therefore, in product and service design, it helps to focus on the personal benefit you provide for customers in return for the price you charge. In fact, the closer you get to your customer, the more you can minimize price as a consideration—unless, in fact, high price is part of the benefit you are providing. (If Tiffany had a ‘‘crazy markdown sale’’ every weekend, would their blue boxes have the same cachet? At Tiffany, the famously high prices themselves confer a benefit to the customer purchasing a gift.)
The Costco Effect: Sophisticates know price doesn’t always equal quality
Price doesn’t always equal quality, and a sophisticated customer often understands this. For example, Costco, a discount chain whose customers skew to well-above-average per capita incomes, has changed the meaning of low prices to ‘‘We work hard all the time to find you better value.’’ They stick so consistently with this message that they have elevated it to the level of high theater.
On a visit not too long ago, in fact, I saw stampsmarked down (slightly) at the checkout counter. Costco was apparently happy to lose a quarter a roll (not even Costco is able to negotiate with the U.S. Postal Service) to ensure that the very last impression their customers get leaving the store is one of value.
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