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Price your message in context

At about the same time as I learned about aiming your content at your target audience, we looked for and bought another house and I learned another lesson from real estate agents.

In this case, the lesson was to understand your product specifically in the selling context.

First, the story… We found the house we wanted (and still happily live in) and decided to go for it at auction. The agents had shown disinterest in selling us the property (there was no way they would open it up outside of the allotted inspection times for instance) which is symptomatic of the whole situation.

We won the auction – yah!

The price was great – still a lot of money but cheaper than we would have expected. A house in the same block but on a main road and in bad condition sold for $500 more just a week earlier.

Signing the paperwork, it was obvious the owners and agents were very happy with the price as it was well above reserve.

Good to see a win-win for everyone.

Of course, the agents were less happy when they heard about the $500 more house near by. And were last seen driving towards it to see for themselves.

The point was that the owners had used non-local real estate agents who obviously thought our suburb was “lower” than the houses they usually sold so they devalued the property. They hadn’t done any research in the area so did not know the value of the land or comparisons with house styles in the area.

Our win but a valuable lesson – if selling, use someone who knows the product in the context of how it is being sold.

It’s like knowing you won’t get the same price for something at a school fete as you would in a craft shop in a tourist area.

Do some research to know your product, the context and what prices the market will accept.

Adjust your content to match, too – for example, ‘excellent value’ will work in many contexts, ‘exclusive touch of luxury’ will be out of place and ineffective at a school fete and ‘bargain bin’ does not inspire high prices.

Have you seen prices skewed because someone hasn’t understood the context or target market?

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