Suggest You - Niche Marketing is All About Value Pricing

Niche market customers buy your product or service because it is different from the other options available. That difference is your value and it can be worth a premium price. Value is subjective and not every customer will need your product’s unique benefits, but this is how niche marketing works. As a niche marketer, you focus on serving a market segment that has been overlooked or underserved; the value or difference you add is your special knowledge of their unique needs.

The value can come in the form of unique product or service features that you add. That value could come in many forms, even prestige. For example, Tiffany’s is a “prestige” brand for jewelry; people buy jewelry at Tiffany’s because of the brand. Yet, diamonds are diamonds. You can buy the same quality diamonds at Costco, but you don’t get the prestige buying experience. For the Tiffany’s customer, it is worth the price premium to walk out the store with the Tiffany’s bag or box.

Value based pricing is determined as the highest amount that a customer will pay for your product or service given the unique value that you offer when compared to the other alternatives. By giving the niche customer exactly what they want, there are no other real alternatives. If that is the case, price it accordingly.

The value can come in the form of unique product or service features that you add. That value could come in many forms, even prestige. For example, Tiffany’s is a “prestige” brand for jewelry; people buy jewelry at Tiffany’s because of the brand. Yet, diamonds are diamonds. You can buy the same quality diamonds at Costco, but you don’t get the prestige buying experience. For the Tiffany’s customer, it is worth the price premium to walk out the store with the Tiffany’s bag or box.

Value based pricing is determined as the highest amount that a customer will pay for your product or service given the unique value that you offer when compared to the other alternatives. By giving the niche customer exactly what they want, there are no other real alternatives. If that is the case, price it accordingly.

The Magic of Float
If you’ve ever received a service today and paid for it in 30 days you’ve experienced the concept of “float” – the time difference between when you receive a service and when you paid for it. In most cases this time period is a convenience to you as a customer, but in segment that has been overlooked or underserved; the value or difference you add is your special knowledge of their unique needs.

The value can come in the form of unique product or service features that you add. That value could come in many forms, even prestige. For example, Tiffany’s is a “prestige” brand for jewelry; people buy jewelry at Tiffany’s because of the brand. Yet, diamonds are diamonds. You can buy the same quality diamonds at Costco, but you don’t get the prestige buying experience. For the Tiffany’s customer, it is worth the price premium to walk out the store with the Tiffany’s bag or box.

Value based pricing is determined as the highest amount that a customer will pay for your product or service given the unique value that you offer when compared to the other alternatives. By giving the niche customer exactly what they want, there are no other real alternatives. If that is the case, price it accordingly.

The 7 Reasons Your Non-Profit Needs a Virtual Assistant
Having worked in non-profit organizations in three different countries, I have seen the benefits and drawbacks of non-profits hiring full-time Administrative support staff. There are many different reasons why a Virtual Assistant would be a better choice for non-profir jewelry; people buy jewelry at Tiffany’s because of the brand. Yet, diamonds are diamonds. You can buy the same quality diamonds at Costco, but you don’t get the prestige buying experience. For the Tiffany’s customer, it is worth the price premium to walk out the store with the Tiffany’s bag or box.

Value based pricing is determined as the highest amount that a customer will pay for your product or service given the unique value that you offer when compared to the other alternatives. By giving the niche customer exactly what they want, there are no other real alternatives. If that is the case, price it accordingly.

Personal Presentation Performed Perfectly for Women
Your interview is coming up and you are feeling very confident. You’ve thought through how your personal presentation will sound and you are ready to go. You are confident that you have anticipated the questions they might ask you and have prepared some great answers. ed pricing is determined as the highest amount that a customer will pay for your product or service given the unique value that you offer when compared to the other alternatives. By giving the niche customer exactly what they want, there are no other real alternatives. If that is the case, price it accordingly.

John Bradley Jackson brings street-savvy sales and marketing experience from Silicon Valley and Wall Street. His resume also includes entrepreneur, angel investor, corporate trainer, philanthropist, and consultant. His book is called “First, Best, or Different: What Every Entrepreneur Needs to Know About Niche Marketing”.

Check out his website at: www.firstbestordifferent.com or his blog at www.firstbestordifferent.com/blog

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