3 Price Positioning Strategies For Maximum Profits скачать в хорошем качестве

3 Price Positioning Strategies For Maximum Profits

In this video we go into depth on 3 price positioning strategies. Consumers come in with all kinds of pricing psychology when it comes to purchasing. There are many factors that make people buy. Of course pricing is a big one. Because of the inherent biases that consumers bring to different price points, we explore 3 ways to use price positioning to not only make sales but also to grow your business. A few important points that we discuss in the video. The strategy of being the cheapest price on the market. There are major pros and cons to this strategy. If your goal is to acquire a large amount of customers and not worry about profit on the 1st sale, then being the lowest price option might be your best option. You do need to have a robust back end and/or lots of volume to make this work. The strategy of being the middle of the road price. Major brands and models like the Toyota Camry and Ford Taurus used the middle of the road price positioning. When executed well you can attract a segment of the market that equates cheap with poor quality and equates high price points as overpriced or not affordable at all. Many consumers purchase products in the middle of the road price positioning. Another pricing strategy is to position your product as the most expensive in the market. You're going to attract a special type of buyer when you do that. We go into depth in the video as well on the pros and cons of this buyer type as well. Price positioning and pricing strategy are some of the most underutilized tools when it comes to marketing and branding. A lot of businesses make the mistake of just adding a round % on to the cost of goods sold. For example, if it costs $30 to make a product they'll just blindly add 20% mark up on it. That's their pricing strategy. This is definitely a tactical error. As we talk about in the video, pricing on 1 product should be thought of in a holistic way and how this product fits into your whole suite of products and services you offer. This is especially true if the product is considered more of a loss leader. But, again I encourage you to watch the video to learn more specifics.