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Ben is joined by Kate (Journey in Style) and Dan (Dan Barker Studios) to discuss how these two businesses have negociated the challenges of product pricing.
Notes
- How to determine optimal pricing strategy for products?
- Does competition factor?
- What quoting software
- Common pricing models
Value pricing
- Set price based on worth to customer
- What someone is willing to pay
Good, Better, Best
- Three options
- Useful for finding the right pricing level
- Gives people a choice – Removed a yes/no decision
- No one wants the good one
- Examples:
Value Ladder or Product staircase
- Small differences between packages
- People upsell themselves
- Can have too many options
- Example: https://www.apple.com/iphone/
Product Pricing Tricks
- Dynamic pricing – Increases when you re-visit
- Surge pricing
- Price conditioning
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