How to charge a premium price: pricing is a key factor in the marketing of any product, and getting it wrong can have a serious impact on sales. In this blog you will learn how to charge a premium price.
A premium pricing strategy, also referred to as prestige pricing, involves setting the price of a product higher than similar products. This strategy is sometimes also called skim pricing because it is an attempt to “skim the cream†off the top of the market. It can be a brave strategy to follow, and should only be adopted if the value can be articulated to your customers in at least one of the following ways: