![]() If you have any doubts as to how to implement this, carrying out a test of this type of service, giving the user some kind of bonus for their subscription or purchase, can shed the light you need. Like with the high-end products, pricing strategies for premium versions and services are positioned as clear options to use in value-based pricing. Premium versions: the perfect format for value-based pricing We only have to look at examples in the technology, cosmetics, perfumes, and gourmet areas… When it comes to marrying this type of pricing strategy with the main lines of your business, you only have to find this type of product to adapt in order to achieve the greatest profits. ![]() Normally, the greater the perception of the quality-even of the luxury-of a product, the greater the probability of it fitting into this value-based pricing strategy. However, there are certain lines that, since they are not constrained by the barriers of the market, offer more space to play. In general, all products can be adapted to a value-based or market-based pricing strategy, as these are also known. Which products can be adapted to a value-based pricing strategy? The need to purchase the product as a complement to another, whether better or more basic, such as the accessories needed for computer equipment, spare parts for vehicles, or even refills for cleaning products.The setting of reference prices in the market, which create a barrier causing the brand to overexpose or undervalue its own product.The originality of the product or service when compared to the competition, which results in the possibility of being replaced or not, based on the quality–price ratio as determined by the user.The existence of substitute products if it’s not unique in the market.The users’ expectations relative to the product, what having it in their hands or not will really make them feel.The lifespan of the product, whether it’s a fast-moving consumer good, an active, durable consumer good (like a car or jewellery), or an experience which, although it may be fleeting, remains as a conscious memory.The importance that the product or service holds for the consumer in their daily routine: food, cosmetics, cultural items, etc. ![]() But, what factors are involved in this perceived value on the part of the potential customer? However, knowledge of the market and the demand is a crucial foundational factor used to position yourself on one side or another. ![]() In many cases, this study is carried out before product launch, using focus groups, real use cases, and so on. Based on their criteria and the perceived value of the good or service they’re going to acquire, each store and retailer can define the “price” concept for their entire catalogue. In this case, value-based pricing strategies are those that study how much the user is willing to pay for a product. The classic pricing strategies are based on costs, value, and competition. ![]()
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