Run time: 56 seconds
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When it comes to the 4 Ps of marketing, “Price” is a critical factor. It’s more than just a number; it reflects value, positioning, and consumer perception.
A smart pricing strategy balances value for the customer and profitability for the business. Set prices too high, and you risk losing buyers. If it is too low, you may devalue your product or hurt margins. Price wars rarely benefit anyone; focus instead on emphasising the value of your offering and communicating why it’s worth the price.
Here are three key points to consider around your pricing :
- Offer a range of price points, including premium options, to appeal to different customer segments and attract higher-paying buyers.
- Regularly update pricing based on market trends, customer feedback and competitors to stay relevant.
- Highlight your product’s unique value to justify pricing, build trust and maximise revenue.
Price is a strategic choice that reflects your audience’s needs, brand, and supports business goals. Get it right, and you’ll drive sales while building lasting customer relationships.
Next week, we’ll cover the 3rd P – Place.
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