Deirdre Breakenridge helps you understand the different pricing strategies you can use at launch.
- Before you roll out with your new product,…pricing is a huge consideration in your product strategy.…When it comes to setting the price of your product,…you've already done your research.…You have detailed information on your buyers…and the marketplace.…Your pricing strategy will be a direct reflection…of the information you've gathered.…Here are several strategies to consider,…when it comes to the pricing of your new product.…Number one, price high and hit the ceiling.…
Many new products are priced higher than their competition,…for perceived value.…It's that saying, you get what you pay for.…If you're going to go with high pricing at launch,…be sure your packaging, marketing efforts,…and content created support a premium product.…Think high end.…Number two, price low for market penetration.…If you're a business that wants to enter the market…to make a big splash,…you should consider pricing lower than the competition…to get more attention.…
Although you'll make less money in the short-term,…the increase in awareness may result in greater profits…
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- Determine when it is necessary to build a go-to market plan.
- Define audience segmentation.
- Recall the purpose of a product vision.
- Recognize the benefits of a channel strategy.
- Explain how to use digital and social media to share your story and drive customers to engage with your launch promotions.
- Determine the KPI for four types of goals.
- Summarize the importance of flexibility when building a measurement model.