Two recent research studies confirm that customers seem to comprehend and welcome a strong correlation between price and quality. And that customers will gladly pay for quality if the understand what quality actually means with respect to what they're buying. This is excellent news for marketers who are attempting to avoid the treadmill of commoditization. The second demonstrated that when buyers shop for higher-priced items, they spend more time making a decision. Premium-priced items generated even longer searches.
Buyers are more than willing to pay extra for quality.
They can lose faith and ultimately will buy on price. Be wary of elaborate pricing schemes. Buyers are willing to pay for quality when they understand what it entails. Without that knowledge, they grow cynical and are more likely to buy on price. Provide clear definitions of your product's or service's quality.