Price versus status

Marketing your product requires knowledge about your consumers. You need to know what will get them to respond by buying your goods or services. Everyone has a trigger and you have to market to the audience that is the best fit for your product and price point.


Price would seem an obvious solution to get your customers attention. But price can work in more than one way. Some consumers will respond to cost only if it is below a specific price point. They want to know they got a deal. Lowering costs, sales or even coupons are going to be the incentive to get them to buy. These bargain shoppers feel proud of their shopping ability and will tell others about how they are savvy consumers.

Other customers are looking for status. They want to see your product as exclusive. A higher price will actually appeal to them. If they buy it then they know only a specific segment of the market will have the funds to make the purchase too. They are tying their self worth in the exclusivity owning your product or service will offer.

Looking objectively at your product or service and determining which segment it fits will be a major factor to your ability to succeed.

What products or services are you willing to buy that you feel justify their higher cost in the marketplace?