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This Classic Marketing Lesson Is Flawed
The first piece of advice a mentor gave me eight years ago changed my view of marketing forever. He explained why price does not matter in a transaction.
“Nobody buys on price,” he said.
It’s a favorite mantra propagated by sales and marketing gurus everywhere. I later learned that my mentor’s advice was partially right. I came to that realization after two experiences several months apart.
The first experience occurred seven years ago at a 7–11 of all places. I had frequented this store each day around 2 PM for an afternoon snack. I kept this routine up for over a year. Then I found I can buy my snack in bulk and save about 30% off the price 7–11 charged.
I had run out of my stash, so I made my way back to the 7–11. The owner was a friendly man; he always said hello and chatted with his customers. When I walked in after my self-imposed exile, he said six words which imprinted a critical lesson in my sales and marketing life.
“Hi, haven’t seen you in a while.”
His tone was friendly, not accusatory. I doubt he kept a chart of my visits. But I panicked. I had been cheating on him and he caught me. I felt like I was a child caught with his hand in a cookie jar. I did the only thing I could do. I lied.
“Yeah, I was on vacation and then had to travel for work.”
Two lies in one sentence. I have no idea if he believed me. I was consumed with guilt because I had shunned this nice man’s local business to save fifty cents on my daily energy bar.
From that day forward, I resumed my late afternoon shopping at the local 7–11. Sure, I spent an extra $2.50 a week, but it was worth it. What was the lesson in all of this?
A One-Two Punch In The Gut
Later that night, I thought about the chain of events. I had decided to forego a cost saving out of guilt. The store owner was also a man I liked and respected. It was like a one-two punch in the gut.
I consciously decided to spend more money on an identical product. Interestingly enough, I had just begun to learn the craft of Copywriting. My mentor at the time had recently drilled the nobody buys on price lesson…
