Great 6 minute video on pricing strategy..must see..
How Do You Separate Yourself in a Price Sensitive Market? The answer is as follows:
Build Your Brand
Brands justify prices. When you are an established brand that has a recall value, you don’t have to work hard to convince people about the value and benefits that you bring to the table.
Do you care for your customers? Are your products durable? Does your service come with a timely response? A brand answers each and every single one of the questions of customers who are in the market for something that you offer. Standing out from the competition is made easy when you are a brand that has got the mindshare.
Talking about mindshare, it’s directly proportional the market share. Nobody walks into an Apple Store and asks if the iPhone is durable enough. Nor is anyone gonna enquire if Red Bull is good enough an energy drink. These brands have established those facts fair and square and that’s the reason they sell truckloads of products.
Imagine the results when your company becomes one such a brand sometime in the future. It doesn’t happen overnight, but, it definitely is doable. It takes quality and consistency to become a brand that people open their wallets for.
Massive marketing buys don’t make lasting impressions any longer. Brand building in the era of Internet and social media has become a whole lot cheaper. Creativity and passion are the currencies that move mountains today.
You can get people to talk about by writing an awesome blog. Delighting people with exceptionally awesome customer service is always a winner. Lending an ear to feedback and making your offering competent is any day better than plastering ads all over the place. Consistency in everything that you do is the key build brands that overcome price sensitivity.
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