Help Customers Perceive Your Brand as Best for Its Price

In the competitive world of sales, how do you manage to justify the price you set for a product? The trend seems to be moving towards offering a discount or going on sale – all at the cost of losing profit. Is there any other way to generate more sales in the market while keeping your price point? The key lies in convincing your customers and presenting your brand at its best.

The truth is: There is a limit to how low you can go due to production costs. Still, you have to compete with other products and make your brand do better. Here is what you can do to make your product worth its price and stop your customers from going for a cheaper alternative.

1. Quality is king. Present yourself as a brand with premium quality and superior performance.

Understandably, a company takes a big risk when it makes some production cuts due to rising costs. When a company presents a watered-down version of the original thing, the public is usually quick to notice and lash back. You lose not only the consistency of your product but also its reputation, thus, reducing its following.

Hunt’s, for instance, has steadily stuck around since 1888. Now a household name worldwide, it takes pride in producing “the best ketchup ever”. Said to be 100% natural and made from vine-ripened tomatoes, the sauce come out thicker and richer.

• Know your customer. Target a specific group of consumers who are not as price-conscious.

Identify that segment of your market who is more price-driven and those who are not. There are people in the audience who are less-reliant on price whenever they purchase. For them, there are other important factors like quality of the product, customer service support, and after-sales service. Thus, service could be one area in which you excel and make a difference.

Remember: The market out there is a diverse population with their own specific individual needs. But if you go by measures such as quality, performance, service, and value for money, then you can’t go wrong.

• Make your product known through media. Create a meaningful perception about your brand.

Social media and media as a whole can be very powerful! Other than resisting the trend and going against the flow of using celebrity endorsements, see where you can wow people and break out of the mold. Brainstorm within your team, and identify current issues revolving around everyday people that might help you set a new trend. These are the ads that would befriend your customers and make them feel that they matter.

Instead of being vague and impersonal, reach out to people in a genuine way. Make customers feel that your brand is not only different, but it is also personal. Use the power of persuasion to convince buyers that you are, indeed, giving them the best price they can get for your product.