Pricing strategy is one of the important decitions for marketing and product development.
There are alot of factors influence when we make pricing decision such as raw material costs, labot cost and fixed costs and etc.
However, there are some other factors which we cannot controls such as perceived value of your product. If perceived value is lower than you think to the customer you cannot set the price higher the competitors even tough your product provides more objectives and features. it applies as vise versa, you can if percieved value is higher than that of your competitors you can set the price higher than your competitors.
Follwings are some suggestions to increase perceived value:
- Increase its objective value
- Give your product personality
- Link it to yourself
- Provide better service
- Provide reassurance
- Make people love your product
- Create a tribe (belongings)
- Sell more than physical product
- Differentiating the product
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