Competitive pricing
Posted: Tue Feb 11, 2025 8:45 am
Amazon.com is a shining example of all this.
Almost every element on the Amazon page is personalized in some way, including the personalized “Olivia’s Amazon.com” link, the personalized hello, the link to my account, and my “wish list.” All of the recommended items are based on my past searches so I don’t get recommended anything outside of my sphere of interest.
Try to stay at this level for your customers and you will start to see your profits increase.
If you have seven competitors, and they all offer bolivia number data product between $200–$400, but yours is $1200, you may have some friction with prospects shopping around. If you are going to have a higher price, you must justify it.
The amount a customer is willing to pay influences their perception of your brand, and this is tied to your UVP. Let’s say you want a customer to pay three times more for your product than your competitors. Ask yourself, what makes you three times better than your competitors on a scale of 1 to 7? Is your product of the highest quality?
A great way to determine what price will be acceptable to your buyers is to keep your buyer personas up to date.
Cellebrite offers a good example of this:
Almost every element on the Amazon page is personalized in some way, including the personalized “Olivia’s Amazon.com” link, the personalized hello, the link to my account, and my “wish list.” All of the recommended items are based on my past searches so I don’t get recommended anything outside of my sphere of interest.
Try to stay at this level for your customers and you will start to see your profits increase.
If you have seven competitors, and they all offer bolivia number data product between $200–$400, but yours is $1200, you may have some friction with prospects shopping around. If you are going to have a higher price, you must justify it.
The amount a customer is willing to pay influences their perception of your brand, and this is tied to your UVP. Let’s say you want a customer to pay three times more for your product than your competitors. Ask yourself, what makes you three times better than your competitors on a scale of 1 to 7? Is your product of the highest quality?
A great way to determine what price will be acceptable to your buyers is to keep your buyer personas up to date.
Cellebrite offers a good example of this: