What is the best product marketing strategy? - 2 minutes read
Pricing is the best marketing strategy for a product.
It gives the customer a sense of value.
Price is the most critical factor in attracting and retaining customers.
Lower prices make people more likely to buy your products and services.
In comparison, higher prices cause them to abandon you for your competitor's lower-priced offerings.
The best product marketing strategy is pricing your products based on what they should cost concerning their competitors'.
Why is pricing the best product marketing strategy?
Pricing has been the go-to strategy for many digital product marketers for the past few years.
With this strategy, they can be sure that they have a competitive advantage.
In addition, pricing is proven to drive product sales because customers often use it to compare and gauge value with other providers in the market.
How to price your product?
Pricing is a difficult task.
It requires a lot of thought and strategy.
But there are some straightforward approaches to pricing your product that can help you develop a better price for your product.
1. Market Price:
It is the price your product would cost if you sold it in all markets without tariffs or taxes.
2. Cost Plus Markup:
It means you calculate the total cost of production and then add 10% on top of that for-profit margin.
3. Percentage-of-Cost Pricing:
It means you calculate the total costs to produce your product and then add a percentage on top of that, like 30%.
4. Cost-Plus Pricing:
It means you calculate the total costs to produce your product and then add a fixed percentage on top of that, usually 20%.