Are you guilty of undervaluing your product or service by constantly haggling on price?
If so, you’re not alone. Many businesses make the mistake of thinking that the only way to attract customers is by offering the cheapest option.
But what they don’t realize is that this could be harming their brand in the long run.
In this article, we’ll be exploring the importance of brand positioning and how it can affect your ability to price your product or service in the market. We’ll also be sharing some tips on how you can position your brand in a way that will attract your ideal customer.
So if you’re ready to learn more about how to price your product or service the right way, then read on!
OR if you’re not a reader listen to this week’s episode of Marketing Espresso.
Here are the steps you need to follow to also get Pricing power in the market:
1. Decide where you want to position your brand in the market.
2. Talk about what you’re offering in terms of the experience and the results that the customer will get.
3. Don’t discount your products or services.
1. Decide where you want to position your brand in the market.
The first step to creating a brand positioning strategy is to decide where in the market you want your brand to be positioned.
This means considering what your brand offers and what kind of customers you want to attract.
When you are thinking about your brand, it is important to think about what kind of message you want to communicate to your potential customers. Are you a luxury brand that offers a premium experience?
Or are you aiming for the low end of the market with budget-conscious customers, or the high end with customers who are willing to pay for a premium experience?
Once you have a clear idea of where you want your brand to be positioned, you can start to craft a strategy that will attract the right kind of customers.
If you are a lower-end brand, you will need to focus on price in order to attract price-conscious customers. However, if you are a luxury brand, you will need to focus on the experience and the results that your customers will get in order to justify a higher price point.
2. Talk about what you’re offering in terms of the experience and the results that the customer will get.
When you’re positioning your brand, it’s important to think about the experience and results that your customer will get.
You want to be clear about what you’re offering and how it will benefit the customer. Positioning your brand in the market will help you to attract the right kind of customer and set the right price point.
3. Don’t discount your products or services.
As it says on the tin….. If you don’t get into a price war with people you will attract customers who are willing to pay for your brand… OR if you are constantly getting into price wars, maybe consider if your branding isn’t reflecting where you want to sit in the market.
For more on this topic and perspective, check out this episode “Brand positioning and how it affects your ability to price” on my podcast Marketing Espresso.