I'm Worth It!
Why do buyers pay premium prices...
...and find great joy in doing so?
My wife's purchase, by all standards, was actually quite modest, but I couldn't resist teasing her saying "You're expensive!" She looked at me, smiled and said "I'm worth it!" Indeed, she is; she's been the treasure of my life for 37 years.
The more I thought about her retort I realized how often we, as buyers, find great joy in some of the more expensive purchases we make. We make these purchases despite the fact that it's not our habit to do so, despite the fact that it's not in the budget and regardless of the fact that we really don't need what we're buying. We just want it.
Why is that? How is it that we can throw all logic out the window, spend incredible sums of money (money that we may not have) and experience great joy? Because we feel that we're worth it.
All too often we overlook this aspect of pricing and how it enhances the customer experience. We forget that people ascribe value to what they purchase based on the price they pay. Buyers take great pride in acquiring the best when their perception is validated by the price.
It's counter-intuitive, but you can enhance your customers' experience by charging a premium price as long as the price is substantiated by value. Don't deprive your customers of the joy of treating themselves to something special. Employ this simple technique and you'll both be saying "I'm worth it!" And you'll both be right.
Questions and Answers
Article Tags:
value pricing
,impulse purchases
,impulse buying
,emotional buying
,branding
,marketing
,sales
Integrated Marketing is a comprehensive approach to internal and external organizational communication. In IMC general advertising, sales promotion, direct response provide clarity, consistency and maximum communication impact. IMC is a concerned with the strategic coordination of all the messages and media used by an organization to influence the prospectus. In the IMC approach the different communication are in the form of arcs making up a 360- degree circle, at the center of which lies the cu
Public relation always has a corporate responsibility embracing stakeholder relations, social involvement, and employee relations, among others. However, in a marketing environment, public relations should also intend to contribute to the sales and marketing objectives of the company. For the purpose the company and its PR people can draw and formulate any type of strategy suiting their requirement.
With the year 2010 year coming to an end let us see what trends have dominated the marketing world, In this article I have highlighted some trends that were anticipated by experts in the year 2010 and some anticipated trends of the year 2011.2010 was an exciting year for marketers; trends that have been taking shape over the course of the past decade have created new opportunities for business owners. The first 10 years of the 21st century brought economic problems, corporate collapse
What is the Pricing Strategy? What is the Price Sensitivity? What is the best price for your product?
You gain new clients, increase average spend, save on print costs, introduce an elevated level of energy and vitality, and increase your profits. You have to have a good reason not to use it. Whether you're a Hotel, Boutique, Pharmacy, Leisure Centre, Car Dealership, Restaurant, or Take-Away, providing clients with eye catching messages and information is vital.
Consumers are the end users of goods and services while a group of customers who purchase goods for inputs example organisations and businesses are referred to as customers.
In USA, one of the leading brands that offer diverse and high quality products promoting proper hygiene is Difresh USA. If you are looking for the best opportunity to grow and have the opportunity for a new business Difresh USA can help you for they are looking for Exclusive Local Distributors
Getting clean and refresh doesn't sacrifice the place where you are for it should be a habit. Having a healthy body will allow you to do things right and good. And no matter where you are you should practice a healthy and proper hygiene even in little things you do.
Maintaining a healthy and proper hygiene badly needs products that are truly effective and could truly answer our need for this. No matter where we are and at anytime we want to get clean we basically need these products right away and only Difresh USA can supply these in a very easy way
The key reason why some firms thrive while some implode during an financial recession is still a puzzle to many people business-owning business owners. Some wrongly assume that all businesses should suffer via recessionary cycles. But the truth is that some companies are usually essentially recession-proof, and it is not necessarily because they are much larger, better known, or a lot more generously capitalized.
Companies like Arch Coal (ACI) and Massey Energy (MEE) watched his or her stock climbed.
The purpose of loss leaders was to get people in the store to buy higher margin items that more than offset the discount on the loss leader. Have retailers lost sight of the purpose of loss leaders? I'll let you judge from the following examples.
The natural inclination in marketing messages is to talk about what your company/product/service do. Unfortunately that's not what buyers are buying. Here are some tips for avoiding this costly mistake.
Is your pricing making it easier for buyers to say "Yes?" If not, here are some tips to help you generate more sales.
A thoughtful question about how to balance profit and social consciousness goals. Hopefully, an equally thought out response. I'll let you judge.
This common practice among new and early stage businesses does work. Just not as they had envisioned.
Discuss this Article
