It’s one of the finer points of judgment in marketing: How expensive should you look?
At the high end, the answer is always: As expensive as possible. Whether it’s a Rolex watch, a Ferrari, a big yacht or a 12,500 square foot custom home, part of the reason they command the prices they do is because of how they look. By “look” I don’t mean just the physical appearance of the actual product. I’m referring to all the aspects of branding. Usually no expense is spared not only on product design, but on marketing photographic quality, copy, public relations and other factors.
Usually it’s better to look more expensive than you are. It enhances perceived value and makes it easier to sell at your actual price point. I think the Mazda Miata is a great example of that. It looks more expensive than it is, one of the reasons I’m sure dealers were actually selling it above MSRP when it first came out.
BUT, you can also turn off potential customers that way. They take a look at your website or your ad and decide they can’t afford you. You never get the call. That’s one reason real estate ads usually give an idea of pricing. They try to look incredibly pricey, then tell you “from the low 90’s.”
You can also look too cheap. Your real prospects never call because they assume your quality isn’t up to what they are looking for or you don’t have the features they want. The prospects you do attract are blown away by your prices.
How expensive do YOU look? Too expensive, too cheap, or just right?
How Expensive Do You Look?
