Value-Based Pricing

Value-based pricing focuses on what value the customer derives from the product rather than the cost for the producer to build and deliver it.

This pricing model focuses on how the customer perceives the product and what problem it solves for them.

To apply value-based pricing to your product assess what price the customer is willing to pay for the product.

Look for customer segments that will pay more for the product and focus there.

To increase the value, consider the following:

Make the product easy to use.

Generate branding around the product.

Create a herd effect in the market and highlight critical users of the product.

Generate scarcity around the product.

Increase customer service and support.

In addition to adding value, these steps also help differentiate your product from the competition.

 

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.