19: Can pricing be part of your brand?

Can pricing be part of your brand.png

How do you look at pricing for certain brands? Some products we like but won’t miss it if we don’t buy it. If we’re waiting for a discount or for something to go on sale before we even consider purchasing means it wasn’t very important to us. 

Then there are other brands that you wait eagerly for. Maybe they have new products that are coming out and you’re signing up for the waitlist. 

That’s how brands can be differentiated based on pricing alone. And in the business world, it’s whether people see it as an expense or an investment. 

The value of products or services

  • There are some things I can either wait on, or bargain hunt for. 

  • And then there are some other things I absolutely won’t compromise on.

  • And it’s either from being educated on that thing, or maybe I had a bad experience when I price shopped, or any number of things. 

The same can be said of your brand. 

A lot of things can be essential especially if you have a B2B service. 

I think it’s based on how you market yourself. 

Show your prices or not?

  • Transparent pricing - showing your prices on your website. This can be the exact pricing or a starting price

  • Value based pricing - not showing prices on your website. Instead you wait to talk to the potential client about the value they’ll get out of it. You take things into consideration like size of the company, revenue, ROI, usage, etc. 

Price for your target market

  • Affordable

    • You can get a higher volume of clients or customers

    • You’ll need more people to reach income goals

    • This may be a commodity

    • This might be priced for “beginners”

  • Higher prices

    • Sometimes it’s harder to sell

    • You can have a lower volume of customers to reach income goals

    • Easier to custom tailor to individual or business

    • Professionals/seasoned in their industries

How to be a brand where people don’t mind the cost

  • Being known well to the client/customer before they even purchase 

  • Gain trust first

  • Transform from cost to investment mindset

Links & Resources Mentioned

Franzine Mackley