Maverick Marketing

Solutions, LLC

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Command Premium Prices

   

No single business solution will have a greater impact on your bottom line than being able to stretch your prices upward considerably without a commiserate increase in cost.  With a little creativity, courage, and business savvy you can be at the top of the price pyramid where the rewards are many:

  • More profits with fewer transactions.

  • More capital available for exceptional marketing the competition can’t match.

  • More capital available to “WOW” customers and establish solid relationships with them.

  • Less competition in your price range.

  • More and better referrals.

  • Insulation against recession and slow seasons.

  • Better cash flow.

 

I submit that there are millions of dollars being left on the table every day right here in South Florida due to improper or insufficient pricing.  There are many factors to consider when looking to improve your pricing strategy, but remember this: People want a good deal, not the cheapest price.  Don’t conflate the two.

   

Raising your prices far above the competition may seem reckless, and it can be if done improperly.  There are two Maverick Pricing Principles we consider when exploring opportunities for our clients:

 

Principle #1:  They Will Knowingly and Willingly Pay More.

   

Why would customers do this?  It has been proven in various studies, experiments, and statistics that people will knowingly and willingly pay more for a product or service that:

  • Is seen as a perfect fit for them.

  • Is from a business with whom they have a trusting relationship with based on respect, recognition, and appreciation.

  • Was recommended by a trusted source.

  • Is of demonstrably higher value.

  • Is from a business they perceive as authorities and experts.

 

 

Principle #2: They Are NOT Paying More if There is No Comparison Available.

   

If you make your offerings so unique that a price comparison is difficult or impossible, you can raise your prices substantially.  Some ways this can be accomplished:

  • Include an unrivaled warranty or guarantee.

  • Bundle with other products and services.

  • Customization

  • A subscription or membership model instead of singular transactions.

  • Customer relationship perks like VIP events, informative newsletter, holiday and birthday greetings, workshops, loyalty rewards.

Using a combination of the above tactics or inventing new ones is how we can begin to develop a pricing strategy for your business that boosts your bottom line and confounds the competition.