19: Can pricing be part of your brand?
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
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”
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