cover 11This is a continuation of our Pricing Power – 10 Proven Pricing Principles posts. If you like this topic, then you can see the prior posts here. Read the introductory post to understand the purpose of this set of articles and how they came about.

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Principle #7 – Price Is Relative.

[ This post has been truncated so that the full collection of pricing principles can be placed on the Kindle platform as Craft Pricing Power. For the spring of 2014 you can download it for free on the last Friday of every month. Get it here. ]

2 Comments on Pricing Principle #7 – Price Is Relative

  1. I have really enjoyed your information/advice. It is funny, as a consumer I have a mindset of a price I am willing to pay. For example about 20 years ago as an at home mom I frequently wore sneakers, Keds specifically. One day while out shopping I spotted a pair on clearance in my size for $2. I thought, hmm I wonder what is wrong with this pair…I inspected and discovered the pair was perfect. I went to the cashier to inquire if this was accurate…yes it was and I bought the sneakers. When that pair wore out I never bought another pair of Keds again because in my mind once I had paid $2 I would never pay more than $5 for that brand again. I think once a consumer has a mindset toward a brand it is tough to break free from the discount price…this is why the strategies you suggest make cents (pun intended) for a seller.

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