Do you remember when HDMI cables were first becoming a must have accessory for your electronics? If you don’t, here is a little recap of the HDMI cable sales tactic of the early 2000s.
Retailers took advantage of consumers who had little knowledge of how an HDMI cable works and often manipulated them into buying cables at higher price points. The strategy included offering the cables at 3 price points. Often the cheapest cable would have been about $10, the next price up would be $25, and finally a third option that was often over $100.
Due to a lack of knowledge consumers routinely either bought the most expensive option, believing the extreme price increase was indicative of an important increase in quality and functionality, or they bought the $25 version as they believed the $10 version would be of such low quality that it would offer poor connection or quickly wear out.
Here’s the catch: While the cables did have some slight differences, overall, all three cables were functionally the same and of comparable quality.
Many consumers believe that insurance is similar to HDMI cables: low-priced insurance is equal to higher-priced coverage. But that's far from true! In this video, we explore strategies for insurance agents to educate clients about tailored coverage, needs assessments, transparent explanations, comparative analyses, and real-life case studies. Gain valuable insights to help clients prioritize value and protection over price alone. Watch now and make informed insurance decisions!