A Quick Marketing Story for Your Toolbox

by Steve B 9 replies
Are you one of the millions and millions of shoppers that automatically assume that "expensive = high quality"? It's a common equation that experienced marketers understand and profit from daily. Consumers are vulnerable and marketers employ tactics that are specifically designed to capitalize on this behavior.

Some of you may remember the story of the 1930's Drubeck brothers, Harry and Sid, owners of a downtown men's clothing shop. Sid was the cunning salesman and Harry the head tailor.

Whenever a new customer would come into the shop and try on a new suit, Sid would be very friendly and always admit to a hearing problem somewhere in his light-hearted conversation. As he conversed with his "prey" Sid would repeatedly ask the customer to speak more loudly to him. As soon as the customer found the suit he wanted and asked about the price, Sid would yell to his brother at the tailor's section ... "Harry, how much for this suit?"

Looking up from his sewing machine, and always greatly exaggerating the suit's real price, Harry would yell back ... "For that beautiful custom wool suit, forty-two dollars. And don't wait - it'll be gone by tomorrow!"

Cupping his hand to his ear and pretending not to hear, Sid would yell to Harry again ... "How much did you say?"

"Forty-two dollars!"

So Sid would say to his customer "I think he's crazy, but Harry says twenty-two dollars if you buy it today!"

Many, many excited customers would rush to buy the suit and dash out of the store with his bargain purchase before poor old Sid could discover his mistake.

Fast forward to today. Do any of these statements ring a bell?

"I could sell this bundle all day long at $99, but for you, today only, steal it for just $7!"

"Add up the value of all the bonuses, and the real world price should be $7, 950!"

"You won't pay $997, you won't pay $797, $397, or $197. We're doing a marketing experiment and for the next 3 buyers, you get everything for a ridiculous $17!"

"While I was out of town, the secretary posted the wrong price on our sales page for Product XYZ. It's my mistake that translates into huge savings for you ..."

Let me ask you: Could a $997 product really sell for $17? What do you think?

The very best to all of you,

Steve
#main internet marketing discussion forum #marketing #quick #story #toolbox
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  • Profile picture of the author Jonathan 2.0
    Yeah I think being "Generous" can go a long way in attracting Subscribers/Customers.
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  • Profile picture of the author rritz
    How about those adding bonus after bonus worth thousands and more thousands and then the whole package goes for $47 .. I immediately think of the bonuses as worthless PLR
    Apparently these pricing tactics work, myself I think it's ridiculous ...
    if they say it could sell for $997 and then give it away for $17 my guess it's worth no more than 5 bucks maybe
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  • Profile picture of the author Brent Stangel
    I've got some ocean-front property in Arizona, from the front porch you can see the sea.

    If you buy that, I'll throw the Golden Gate in FREE! - George Strait
    ---------------------------------------------------------------------------------------------------------

    It's the difference between buyers and sellers, successes and failures, realists and dreamers.

    I've witnessed those claiming to be experienced marketers, buy into blatant marketing ploys on this forum.

    It's hard being an honest, ethical marketer when so many people basically invite you to take their money. A lot of people think I'm a jerk, but they have no idea of the level of "scam" I could perpetrate if I focused my efforts in that direction.

    Some of the worst scammers online are revered by the un-enlightened. I used to feel sorry for them but after years of attempting to protect them, I realized it's an exercise in futility.

    I appreciate that you haven't given up. This forum desperately needs more members like you.

    Brent
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  • Profile picture of the author runswithleaves
    Well this is a fundamental conversation on value. Homes raise and lower in prices by default. A homeowner can physically show you why his house is worth 10 million and why another homeowners house is worth $150k.

    One is bigger than the other lol
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  • Profile picture of the author Saiah Davis
    Hi Steve... I've actually never heard of that story before.. thanks for sharing.

    I see some marketers abuse this to the point where I'm actually in disbelief that they make any sales as it seems like more of a scam than a value offer.

    Long list of bonuses that will probably just collect dust on your hard drive lol.

    If you truly have a $997 product, I would say that you can sell it for $17 but you definitely wouldn't want to do it on a mass scale. You also want to ensure that while you're selling it for this very low amount, your picking up value somewhere else.

    Example: Tweet my "Social Media Hacker Merjacker" to 1000 followers and get it for $17. Today only.
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  • Profile picture of the author discrat
    Originally Posted by Steve B View Post

    Are you one of the millions and millions of shoppers that automatically assume that "expensive = high quality"? It's a common equation that experienced marketers understand and profit from daily. Consumers are vulnerable and marketers employ tactics that are specifically designed to capitalize on this behavior.

    Some of you may remember the story of the 1930's Drubeck brothers, Harry and Sid, owners of a downtown men's clothing shop. Sid was the cunning salesman and Harry the head tailor.

    Whenever a new customer would come into the shop and try on a new suit, Sid would be very friendly and always admit to a hearing problem somewhere in his light-hearted conversation. As he conversed with his "prey" Sid would repeatedly ask the customer to speak more loudly to him. As soon as the customer found the suit he wanted and asked about the price, Sid would yell to his brother at the tailor's section ... "Harry, how much for this suit?"

    Looking up from his sewing machine, and always greatly exaggerating the suit's real price, Harry would yell back ... "For that beautiful custom wool suit, forty-two dollars. And don't wait - it'll be gone by tomorrow!"

    Cupping his hand to his ear and pretending not to hear, Sid would yell to Harry again ... "How much did you say?"

    "Forty-two dollars!"

    So Sid would say to his customer "I think he's crazy, but Harry says twenty-two dollars if you buy it today!"

    Many, many excited customers would rush to buy the suit and dash out of the store with his bargain purchase before poor old Sid could discover his mistake.

    Fast forward to today. Do any of these statements ring a bell?

    "I could sell this bundle all day long at $99, but for you, today only, steal it for just $7!"

    "Add up the value of all the bonuses, and the real world price should be $7, 950!"

    "You won't pay $997, you won't pay $797, $397, or $197. We're doing a marketing experiment and for the next 3 buyers, you get everything for a ridiculous $17!"

    "While I was out of town, the secretary posted the wrong price on our sales page for Product XYZ. It's my mistake that translates into huge savings for you ..."

    Let me ask you: Could a $997 product really sell for $17? What do you think?

    The very best to all of you,

    Steve
    Steve thanks for the post and for the most part I agree with what you are saying.

    But just playing devils advocate for a second here.I know for example Marketer Alex Jeffreys has definitely sold Products for $5K ( Mastermind Groups) and then wrapped the EXACT content up in a video Course and sold them on Warrior Plus and JV Zoo as a Product for $9.97.

    Not saying this is ethical or unethical. It may be unethical to the people who paid $5K for the Mastermind.. But I have bought a couple of these courses and if you truly implemented some of his stuff in them you would easily make the $5K back and much more.
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  • Profile picture of the author Steve B
    Robert,

    Good points.

    I really wasn't trying to push one side of the issue or the other . . . I was mostly just trying to bring the principle forefront for some discussion.

    I'm not judging any marketers here - I am one and understand the challenges of selling and at the same time doing so honestly and with a good conscience about providing value for the money.

    Thanks for chiming in . . .

    Steve
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  • Profile picture of the author Clarence Chan
    Those of us who have been in IM long enough will know that all that price reduction is just hype. If the product can actually do what it is supposed to do, then people will buy it no matter what the price. In other words, marketers ought to ensure there is real value in their product. If not, the refund rate will be high no matter what price it is sold at.
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