Here are some of the ideas we've obtained:- Find ways to add perceived value in ways your competitors cannot match. 3 most commonly used ways to add value are:
- Offer enhanced service
- Provide peace of mind
- Arrange financing
- Value, in the mind of your customer, is always determined by 5 different factors:
- Income
- Competitors
- Substitutes
- Demand
- Environment
- Only 2 of the 5 factors are directly controlled by your company. The other 3 factors are determined by market forces you can’t directly control. Your product’s value will ebb and flow as these external factors change. Note also that these 5 factors are determined subjectively by each individual customer. Different people will always have differing personal judgments about the value of things. This is why the comparative value of the same product will differ markedly from one person to the next. If you set a single price point for your product or service, there will always be untapped profits you are failing to harvest.
- Pricing Strategy
- Market conditions
- Versioning
- Segment-based
- Differential Pricing
At the moment we’re all working hard on our big event coming up soon. This is the Employment Law 2012 Conference.
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