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: