Is Cheaper Better?

[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!

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Is Cheaper Better? | Ep. #737