From the course: Pricing Strategy Explained

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Pricing variable 4: Uniqueness

Pricing variable 4: Uniqueness

From the course: Pricing Strategy Explained

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Pricing variable 4: Uniqueness

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- Our next pricing influencer is uniqueness. Now, ask yourself this question. How unique is my product or service? Do I offer a custom product or maybe a personalized product as well? Which might add to its uniqueness. Do I have any features of my product or service that are unique? Or, am I more commoditized? I'm just like everybody else. And you need to understand where you are in that spectrum. That's very important. Now, what you want to do is that the more unique your product is, the higher price you can charge, the more margin you're going to have, the more flexibility you have in making these decisions. The less unique your product is, i.e., the more commoditized it is, the less you're going to have in terms of the ability to change pricing. You're going to be more forced into a cost based pricing model or even maybe a market based pricing model. So kind of keep that in mind. Now, can we have some key…

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