3 Ways to Raise Your Price

A common question I get about #pricing is: “How can I raise my prices or get the price I think I deserve?” 

I’ll share three ways that have worked for me over the years:

* Contextual pricing: put the price for a good or service in context around another alternative. 

Think about the way that Panera Bread positioned their coffee subscription’s price of $10.99 as much less than the $5 per cup you might pay somewhere else. 

* Value-based pricing: here you are going to focus on the value that the customer receives from your product or service. 

Look at how LegalZoom positions its trademark protection services as “attorney support from start to finish for the best chance of success. $599 + federal fees.” 

* Bundling & unbundling: this is where you add products or services into a package to elevate the perception of value for a higher price or you break out individual pieces of a product or service charging a premium for each unique step. 

This is a classic example of single game #tickets in #sportsbiz versus a full season packages. Each one offers an advantage depending on what you are looking for. 

Get more pricing information in my newsletter: ‘The Business of Value’: https://lnkd.in/eM5fvj-x