From the course: Pricing Strategy Explained

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Pricing variable 8: Customer perception of value

Pricing variable 8: Customer perception of value

From the course: Pricing Strategy Explained

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Pricing variable 8: Customer perception of value

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- Our last price influencer, and it's an important one, is customer's perception of value. Are you, ask yourself this, are you actually creating value in your product? Where are you creating value in your product or service? Are they saving time? Are they saving money? Are they reducing risk by using your product or service? Or maybe your product or service creates more safety for them overall. So think about how you're creating value for them. And hey, the rule is that if you can create more value in your product or service, more perceived value. Something that's meaningful to the customer, the higher price they're going to pay for that, the more margin for you, and a lot more flexibility in your overall pricing strategy that you can create by doing this. I want to make sure you understand that value is not just created by lower pricing. There's a lot of things. In fact, I really don't want you to create value by just…

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