People know what they are getting from those who offer a product or service below the bar.
“People like us search for the least expensive option.”
But even when your product or service surpasses most people’s limit, they still feel ripped off.
“People like us don’t just buy the expensive option of the same thing.”
It’s only when you truly exceed the bar that tension is built and people tell themselves a new story about what you offer.
“People like us will pay whatever it takes for an experience like this because we know we’ll get more than what we paid for.”
Most business-turnaround stories don’t start with: “We increased our price slightly above our competitors.”
It starts with: “We tripled the price and began to over deliver on every promise we made, because we now had the money to.”
Ever wonder why Starbucks charges so much for a coffee?
“People like us know that we’ll pay more for a drink there because in the future someone’s order will get messed up and they will ask for it to be remade without hesitation because the drink I just paid for, paid for their fixed drink, and that makes people like us feel good about our purchase.”
As marketers, we have to dig deep. It’s not always obvious or conscious why something is priced higher, nor is it a necessity that, as marketers, why try to share all the reasons why it’s premium pricing.
Stay Positive & Simply Let Them Experience Why
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