Pricing Your Brand
How to stand out in a sea of competition
Woh, this is worth way more than the price!
It's tempting to look at your competitors and want to reduce your price, becoming the cheapest in the game. But this can do more harm than good.
Price is directly linked with the perception of value and quality.
If you lower your price, you will also be lowering the value the market will attach to your brand and its perceived quality. i.e., How much is this really worth?
Pricing down can also risk putting your brand in the category of commodities, where it's just one of many. And when it comes to commodities, there could always be someone who does it cheaper. This can lead to a downward spiral of lower sales, thus having to lower the price (and perceived quality) further. But how long can this go on?
A strong brand doesn't require you to lower your price. Apple charges a premium for its products because it knows it can deliver value, and people will pay for the higher quality.
We, as consumers, also tend to appreciate and enjoy premium purchases more as they require more of an emotional investment.
This can make us more likely to actually use the product we purchased.
If you feel like you need to lower your price, then you might not be very confident in the value you deliver. I know I've fallen into this trap many times before.
Don't undersell yourself.
Instead, increase the value you are offering.
You can do this in many ways; producing exceptional quality, fine-tuning small details, having an elegant design, crafting a unique story, providing excellent service, or simply delivering something unexpected.
Make it so the higher price is justified and people are happy to pay the premium. Then you can improve the product even further and eventually define your own category.
This is how you can create a unique brand that entirely stands apart from the competition.
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Now that's what I call a BARGAIN!
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