Apples vs. Oranges – a Premium Price
Perception is stronger than reality. Your brand can reflect where you want to be placed in the market place, which brings us to the topic of what level of pricing you feel you can charge.
It’s a mix of art and science and is why so many smaller business owners struggle with it. So what is the right price for you and your brand?
In short and possibly a little cryptic, it’s the price a customer is willing to pay for the results they perceive as valuable from your product or service. One most important factor you need to think about is not how much you are charging but what is your competitor charging for it.
Not only does this create the benchmark, there are ways to then increase your fee and have everyone flock to you!
Firstly, never give them the ability to compare apples with apples. If your product or service is the same as your competitors, then the lowest price will almost always win. What you need to do is create a difference between yourself and your competitor. Although you may be offering a similar service/product, you need to have something that differentiates you so they now need to compare apples with oranges.
If you are charging that premium price, then you need to make sure you deliver on it – period!
Providing a guarantee will add to their security and diminish any fears they may have. You can read more about a variety of good guarantees you can provide by reading the following article written by Envious Solutions.
If you want to charge a premium price for your quality products and services, a strong brand will help you achieve this. It will do so in ways that your customers will want to pay for the intangible benefits they get from your brand. Let us at Evoke help you get the prices you deserve.