Is Cheaper Better? | Ep. #737

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 7 August 2018

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode #737, Eric and Neil discuss whether cheaper is better. Tune in to hear if you are shooting yourself in the foot by charging less. TIME-STAMPED SHOW NOTES: [00:27] Today’s Topic: Is Cheaper Better? [01:00] Some people say you pay what you get for, but sometimes cheaper is better. [01:30] There is a diamond company that makes the stones in a lab. When they sell them for less, no one wants them. When they sell them for the same price as mined diamonds, they sell out. [02:00] The quality is the same, but the diamonds are made in simulated conditions. [02:28] If two advertising companies charge two different rates, most people will pay the higher rate for a smaller company and more focused attention. [03:05] People often question the quality of something if it’s too low of a price. [03:30] There is no exact science to setting a price point, so do your research and run tests. [04:20] That’s it for today! [04:24] If you could take two minutes out of your day, we are trying to improve the listening experience for you, so go to Singlegrain.com/survey and help us gain some insight into what matters to our listeners. Leave some feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with us: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Get ready for your daily dose of marketing strategies and tactics from
0:06.8	entrepreneurs with the guile and experience to help you find success in any
0:11.4	marketing capacity. You're listening to marketing school
0:14.5	with your instructors Neil Patel and Eric Sue.
0:19.4	All right guys before we start we got a special message from our sponsor.
0:27.0	If you want to rank higher on Google, you got to look at your paid speed time.
0:31.5	The faster your website loads, the better off you are. With
0:34.4	Google's core vital update, that makes it super, super important to optimize your
0:38.5	site for low time. And one easy way to do it is use the host that Eric and I use dream
0:44.5	host so just go to dream host or Google it find it check it out and it's a
0:49.3	great way to improve your low time.
0:51.6	Welcome to another episode of Marketing School.
0:55.0	I'm Eric Sue.
0:56.0	And I'm Neil Patel.
0:57.0	And today we're going to talk about, well, is cheaper necessarily better.
1:01.0	So this conversation stemmed from Neil and and now we're talking a second
1:03.9	ago and we look at some of our competitors and they're doing pretty well. Some are doing
1:07.5	80 million dollars a year in revenue. We're talking agency-wise. Some are doing
1:10.7	you know five or six million and you know what specifically when we look at their paid
1:14.6	advertising services they charge about let's say 2,000 or 2,500 dollars a month that is the
1:20.0	management fee so that sparks kind of this discussion, Neil, is cheaper, necessarily
1:25.3	better in this context.
	...

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