Pricing strategy, which one is right for your product or service?
Pricing right is a challenge. For example, if you sell a similar product as your competitor and as a result offer the same price point, you would actually be creating what researchers like to call, “Analysis Paralysis.”
Deciding on the right price is one of the most important decisions you’ll make for your business. And, yet, too many don’t understand pricing.
Pricing and Brand Differentiation
Start by evaluating your customer base, find out what if you have a large group that would warrant to develop a new product. Instead of pricing down, you offer a product or service with fewer features.
We as people need help in deciding on what to buy and giving us a different price helps us in making the purchase.
Something to consider if you carry the same brand name jeans as a store downtown, perhaps you could test different price points instead of matching your competitor.