Pricing: The Commodity Problem
- Don't compete on price.
- Provide differentiated value.
- Charge premium prices.
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Pricing Power
If you double your prices, and lose less than half your customers, its probably a good move. Pricing power is your ability to raise the prices you are charging over time. It is related to "price elasticity" in economics.
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1. Pricing at a premium.
Premium pricing is the practice of setting the price of products or service artificially high. Premium pricing is often most effective in the early days of a product’s life cycle, and ideal for small businesses that sell unique goods.
Financial pain points
Customers need to feel secure, knowing that they are getting value for money with every purchase.
Conduct extensive market research to position products suitably in the market. Products should be of good quality and justify their prices. Be transparent about the price of your produ...
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