Last Updated on November 23, 2021
Companies work hard over many years to create a respectable brand. If you’ve built a popular brand you don’t want to throw it all away. It’s why everyone is always talking about staying on-brand no matter what.
I think companies forget pricing is related to their brand. When you’re coming up with prices for your next products you should keep that in mind. Here are a few different ways customers feel about you depending on what you charge.
Economy Brand Everyone Can Afford
When you visit the supermarket it’s easy to spot the economy brand products. They usually have a basic label that looks cheap. Products at this price point are usually good, but they don’t try to pretend they’re special.
If people don’t have a lot of money they won’t mind buying economy products. They would still rather get something more expensive when possible. So you’ll only really get customers who don’t have much of a choice.
Willing To Compete With Competitors
Imagine you own a company that installs stretch ceilings in homes. When customers speak to a representative they realize your stretch ceiling cost is almost the same as lots of other companies in the area.
They’ll automatically know you value your work because it’s not cheap, but you’re willing to work with anyone because you don’t charge sky-high prices. You can be trusted because you don’t mind competing with the competition.
Premium Pricing For Rich Customers
Great premium brands that manufacture quality products are held in high regard. If someone has lots of money they’ll buy premium products whenever possible. They’re trustworthy and nobody will be afraid to show them off.
It only works when your products are extremely high quality. If you try to sell bad products at premium prices your brand will be ignored. Even if they are okay, a high price point will make the products look worse.
Free Products To Hook People In
Do you know any brands that offer free products to hook people in? Mobile games are a good example because most big ones will be free to use. If you love the games you’ll eventually have to spend money at some point.
Maybe it will cost you money to open extra levels or buy gold coins. Customers love brands that offer free products with upgrades. They don’t see them as cheap because they know companies have a way to make good money.
Possible To Try Before You Buy
If a company lets you try out their product before spending any money it automatically makes you think they believe in the product. Why would someone let you test their product for free if you were going to return it?
It’s a good way to appear more high-quality even if you only have an average product. Unless it’s really bad most people won’t return it. You just need to make sure you test the strategy so you don’t lose money.
How Do You Want People To View Your Brand?
Think long and hard about your prices before you try to sell future products. It’s going to have an impact on how people view your brand.