Being able to charge premium prices for your products and services is a huge advantage. Especially for smaller businesses and individuals where you don’t have the scale to make money from a low cost position.
But premium pricing is often easier said than done. One big reason is that many businesses go about it the wrong way. They try to take an existing market or client base and persuade it that their products and services are worth paying a premium for.
That’s possible, but it’s hard work. A better strategy can be to find a segment or sub-segment of the market that’s inherently more willing to pay premium prices and to focus your products and services and your marketing on what that segment wants and needs, rather than what the general market wants and needs.
How do you find those premium segments?
Watch this week’s video to find out…