Creating a Pricing Strategy that Works in this Economy

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Do consumers really base their purchasing decisions on price? That’s a common question I’m often asked. Truth is that price plays a part in the consumer evaluation of a purchase, but it is not the end all be all. Consumers evaluate experience, quality and price.

You must create an experience that makes a consumer want to purchase from you. You can draw some consumers strictly on price, but the problem with that is they will leave you if someone offers them a lower price, is that really the loyalty that you want to attract?

When you create an experience and you give consumers exceptional service you will gain committed loyalty from consumers. This is the loyalty that will keep consumers coming back to you, even if you don’t have the lowest price.

With that being said, I know that many companies struggle with price setting. How do you know if you’ve set the right price for your product? Great question, in this week’s article we discuss the promise of price and how you can set and get the right price for your product or service.

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