Here are the five best pricing strategies
- Premium Pricing
Customers perceive products as being worth the higher price. Along with creating a high-quality product, You should ensure that your marketing efforts are well aligned with the value perceive your products to be.Business owners must work hard to create a value perception to its customers. Have you heard of the story of a diamond? Experts suggest that diamonds are worth way lesser than it’s perceived value and yet it is sold for millions Brands such as Starbucks charges a premium price because their entire brand image is based around luxury. Starbucks’ pricing strategy is set on a simple idea: high value at a moderate cost.
- Penetration Pricing
- Price Skimming
- Bundle Pricing
- Economy Pricing
Guru Tip87% of consumers look into the price of the product before they buy. You have to be strategic in pricing your goods. If you are selling across multiple channels, you have to have uniformed pricing.