![]() Take, for example, Tiffany & Co during the 90s. However, you could lose it too when you sidestep from it by offering cheaper products to appeal to a broader audience. Having said that, using prestige pricing helps in establishing a good name for your brand and company. These are the fashion and perfume brands, jewellery, several cars manufacturers, etc. In fact, it’s easy to spot which brands follow such a pricing strategy. You’ll find prestige pricing being used in high-end stores across the world. This is where prestige pricing comes into play. Understanding how people buy your product is the essence of great pricing strategy – without knowing your customers, you’ll never get the price premium you deserve regardless of the quality of your products. It’s no secret that pricing and the psychology behind why people buy are very important components of a successful prestige pricing strategy – whether you’re selling a product or a service. But more than this, they desire it so much they throw all logic out the window and just pay the price. They consider the reputation of the product and also the brand behind it. They base the purchase on more than just quality. For example, customers daily justify the purchase of an expensive item, may it be a Nike sneaker or a new-release iPhone. Oftentimes, customers are willing to pay than you think. >Download Now: Free PDF How to Drive Pricing Strategy to Maximise EBIT Growth ![]() Will using a prestige pricing strategy help your business get the additional price premiums you want or will customers think you’re just overcharging them? ![]()
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