From the course: Pricing Strategy Explained
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What price communicates to customers
From the course: Pricing Strategy Explained
What price communicates to customers
- Pricing is like a megaphone that communicates many things to your customers. Now, so we got to keep in mind what is it communicating? A lot of times it's communicating brand, quality, availability, demand, uniqueness, it's saying a lot of things about your product or service. There's a perception out there and that's what I want to talk about is customers perception as it relates to price. Customers have a perception and you and I both have the same perception. That if it's higher price, it's got to be better quality. Now by the way, this is not always true. But when you start looking at your product or service, you'll start to find out ways that you can make it higher quality and charge a higher price and capture that extra margin that you should be getting for your product or service. And that's why you see things in prices started to creep up on different products or services out there. Let me give you an example of…
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