How To Build And Implement A Winning Pricing Strategy

Copyright

Published by Gaurav Sanjiv Kalangan

Copyright © 2023 Gaurav Sanjiv Kalangan

All rights reserved.

Thank you for having an authorized edition of this book and for complying with copyright law. No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means, electronic, mechanical, photocopying, recording, or otherwise, without written permission from the copyright holder.

Distributed by Gaurav Sanjiv Kalangan

How To Build And Implement A Winning Pricing Strategy

Design and composition by Gaurav Sanjiv Kalangan Cover design by Gaurav Sanjiv Kalangan For permission credits.

To offset the number of trees consumed in the printing of our books, Gaurav Sanjiv Kalangan donates a portion of the proceeds from each printing to the Arbor Day Foundation. Gaurav Sanjiv Kalangan has replaced over 50 trees since 2022.

First Edition

I dedicate this to the dreamers, healers, and givers who deliver value through art and invention, expression, and creation. With all my love.

Table Of Contents

Copyright

Table Of Contents

About

Introduction

Know Your Audience

The B.L.S Formula

Set Yourself Apart

Value Stack Strategy Question

The GAP Strategy

Loss Leader Strategy

Qualify Your Customers

Incorporate Social Proof

Provide Top-Notch Support

Final Thoughts

Case Studies

Resources

Pricing Strategies

Digital Marketing Lead Generation & Sales Conversion

Introduction

Lead Generation Mechanism

Lead Generation Qualification

Tips For Effective Lead Generation

All About Saas

Top 9 Saas Based ECommerce Platforms

All About Volusion And Woo-Commerce

About Magento And Wix

About Prestashop, Squarespace And 3D Cart

Info About E-Mail Marketing

Benefits Of EMail Marketing

EMail Marketing Automation. And Benefits

EMail Marketing Software; Mail Chimp

About Sendinblue

Business To Business Lead Generation

CRM

Types Of CRM System

Businesses Choice CRM

Benefits Of CRM System

Salesforce Lead Management Software

About Hubspot

Advertisement Based Lead Management Software

The Ultimate Traffic Hack How To Get Unlimited Free Traffic

Introduction

The Friend vs a Stranger

Creating An Irresistible Bribe

Creating Share-Worthy Content

How to Build a Viral Rewards Platform

Conclusion

Continue learning with Weekly Case Studies

Resources

Traffic Driving Mastery

Exploring Dreams Learn to Interpret Your Own Dreams Now

Understanding Your Dreams Introduction

What is Hypnosis

Before first Hypnosis chapter

Remember Your Dreams Hypnosis

Remembering Your Dreams Debriefing

Introduction Before Revisiting and understanding your dreams

Understanding Your Dreams Hypnosis

Understanding Your Dreams Debriefing

ASO & Mobile App Marketing Monetize Your App

Biggest App Marketing Mistake

The 2 Ways to Make Your App Profitable

Word of Mouth Drivers for Your App Marketing

Finding App Influencers

Reaching Out to Influencers

Influencer Outreach Examples

Subscription Metrics

PLG Benchmarks

PLG Spreadsheet CAC

B2B Benchmarks

Basic Research for Big Impact

ASO

Keyword Research - SensorTower

Facebook & Instagram App Ads 1

Facebook & Instagram App Ads 2

LinkedIn App Ads

Google App Ads

App Marketing Is Not a Science

HotelTonight Case - Referrals

Entertainment vs Utility App Marketing

The 6 Types of Apps & How to Market Them

Strava Case Study

Stages of Awareness

Cold Email

McKinsey Model

A/B Tests / Experiments / Optimization

Calm Case Study

Marketing Customer Analytics, Segmentation, and Targeting

Introduction

What is Market Segmentation?

Benefits of Market Segmentation

Overview and Geographic Segmentation

Demographic Segmentation

Geodemographic Segmentation

Psychographic Segmentation

Behaviour Segmentation

Multivariable Segmentation

Overview and Macro Segmentation

Micro Segmentation

Implementation of Segmentation

Criteria for Successful Segmentation

Conclusion

About

If you are looking for a real-world, step-by-step approach to designing and implementing a pricing strategy then this Book is for you! Whether you are in B2B or B2C, this Book defines the most popular and profitable pricing strategies used by businesses today, and walks you through how to determine which pricing strategy is best for your business or product line. You will learn how to execute on your strategy and what to avoid to ensure your pricing is consumable by customers, billable by finance, and measurable by you.

This Book takes the mystery out of building a pricing strategy and focuses on implementation and execution. If you have struggled with where to begin thinking about pricing, or worried that your pricing might be too high or too low but not sure how to take action, this Book will teach you how to spot and address those questions by breaking it down into a digestible, actionable, step-by-step approach so that you can make good pricing decisions today.

This Book is not for anyone looking for deep mathematical pricing analysis, or extensive pricing theory. Instead, this Book helps you solve an immediate business challenge with practical advice taken from years of applied learning in B2B and B2C markets.

Introduction

You probably have heard about the power of pricing and positioning. Your price structure plays an important role in your ability to convert a prospect into a loyal customer by assigning value to your offer goes well beyond that, positioning your business. So that it isn't geared toward a tight market is equally important.

Doing this will help you better tailor your offers so they meet the market expectations. But it will make it easier for you to create a powerful marketing message that sets you apart from the competition. In this Book, we will look at the different pricing strategies so you can't determine which will work best for your business.

We will also drill down into some of the most popular positioning strategies that will help you better connect to your target audience so that you are not competing on price alone. By the end of this Book my hope is that you will have all the tools needed to give your business the competitive edge you are looking for. Let's begin. 

Know Your Audience

So you have created a product or service and you're anxious to maximize your income and a successful business, or perhaps you've been involved in a business for years but have struggled to boost US sales or even get a foothold in your niche. It doesn't matter where you are in the process. Your goal should be to develop a successful pricing strategy to position your brand above the competition.

Scientifical Not at all. The key is to know your market and to determine early on how you will use pricing as a powerful positioning to, for example, brands like a Dollar General use pricing as a positioning to encourage consumers to shop as their allies in order to save money. This is true for penetration pricing. Other hand, there are companies who have positioned themselves as a premium or luxury provider of products over implying a scarcity element into their marketing and their pricing plan reflects that of Rolex.

I lose weight when this is referred to as price. And finally, there is what is considered a middle of the road pricing strategy. So often you will graduate pricing in the form of grease and simply positioning your offer. So that appears for the large majority of customers stuck in the middle or two main price points. There are many different ways you can utilize the power of pricing as a positioning in order to solidify your brand and maximize your income. It begins by making the decision what your point of injury will be and choosing a pricing model based on your product or service.

And finally, understand where whatever price point you choose, you will be lean and alienate certain customers. Whether you go in with a lower price point, a higher one or somewhere in the middle, it's impossible to appear to the masses. And that's OK, because in truth, a product cannot be all things to all people. Business owners and companies who attempt to please everyone often find themselves in a stagnant phase of growth when the focus is too broad. You haven't identified your core audience. You're always chasing the sale in reverse.

The more you know your target audience, the easier it will be to attract customers and to the law. Your tribe of buyers. You will know what is the most important to them and align your marketing message to highlight those benefits further. The better your marketing message resonates with the audience, making it easier to target them. Your future campaign. As an example, in 2013, Nathan Barry quit his job as a software programmer. To start his own business, he created a SaaS platform to help bloggers pull concerts and Osas. Nasan struggled.

His profit was meager and people continue to tell him he made a mistake. It's clear that he has to decide whether he wants to quit or work even harder. Later today, his company codewords kids. Dotcom has over 50 employees and their annual earnings statement of over twenty four million dollars. What did he do to get there?

He positions the product to focus on one specific target group. We just saw immerse value in his service and then price accordingly. All this concentration will not only help you find your target customer base, but it will reduce the number of people you are attempting to service at once. With smaller groups, you are able to specifically cater to your wants and needs. Who then in turn refers more customers just on. 

The B.L.S Formula

Your customer will have all of the different needs and wants, even within your target audience. This makes creating a product or service tailored toward one core audience often difficult. But it's imperative that you do the footwork involved in keeping your sights set out.

One Book group this tighter your target audience, the easier it will be for you to create a compelling marketing message. They resonate with their customer base. You will know what they are most interested in, what is most important to them and how best to cater to that. So how do you get started, regardless of your market, that your prospective customer will likely fund for one of the three basic categories: benefits, logic and the scarcity the bill asks for? Minerva helps you figure out how to market to each of these three types of shoppers.

It's typically driven by emotion and the vision of a better life or gaining a solution to a problem justifies their purchase with logic. Logic focuses on hard data, stress, facts and other forms of proof, particularly fond of case studies. And before and after marketing campaigns, scarcity is driven by the fear of losing out response well to urgency. Your marketing messages are part of something special when you are figuring out how to market to your prospective customers the first step for them.

From their point of view, what are the benefits that stand out to them? What is most important to them? What are they hoping to gain from your product or service? When we create a product or service, it's not always easy to get a clear vision as to all that is encompassed. That will benefit people in different ways. After all, when we come to our product, we'll put a lot of time and energy into creating them so that we often believe it is a key benefit or the USP will always resonate best with our audience.

So the easiest way to create a marketing message that will appeal to the majority of your market is to try to see things from their point of view. Consider the benefits, features, logic, scarcity, porn and how you can utilize these ailments to improve our reach and maximize conversion rates here, our views and to keep in mind features. What are the different aspects of the product or service? Why do these aspects matter? We will save time or money. We prevent pain and will help to remedy a specific situation. We'll fix case studies, statistics and social proof.

Stand behind the product or service. SkyCity, is there an urgency associated with a product or service, is there a limited quantity available with the doors closed after a certain time, is a product on sale? Once you identify the answer to these questions, you'll be able to take that information and apply it to the marketing process. 

Set Yourself Apart

Your product or service is likely not the only one on the market, so you will need to do some work in highlighting the differences and why someone should take your product or another, each company with an incredibly strong product. We need to take deep in order to position their product or service, a way that motivates customers to take action they do with us.

What is the USP? Is Atalay a unique selling proposition? Without a USPI, your product will always struggle to compete in your market. It won't stand out and therefore it cannot leave an everlasting impression in the mind of a prospective. Your product already has a US. Your goal is to simply simply identify what that is. I highlighted your sales pitch and marketing message. It also becomes part of all of your positioning strategy. It begins by Adewale evaluating your product objectively similar to what we covered in a previous chapter. Identify the strengths of your product and then evaluate it from the customer's perspective. OK, improve someone's life. OK, happy Kossman, what are the offers that other products failed to provide?

Is your product easier to use? And the combat competitions before you get your USPI, you need to know your target audience. What is most important to them? What are they struggling with the most? How can you truly connect to your target audience? What is your greatest challenge? Again, the better you know your audience, the easier it will be to develop a USPI that means something to them. There are many different strategies for creating a USPI for your product, then Kindies Masser for identifying you as is in answering the question why would I choose to do business with you versus your competitor?

The very reason why you create a product, a service in the first place will hold the key to defining your USP. Sing about how your product is different from others in the marketplace. How do they add more value? How do they address a question, concern or simplify a process such as reducing the learning curve, saving your customer time and the money? Your product is a driving force behind defining value and creating recognizable brands in your market. There are businesses who have so carefully highlighted in their USPI that they can charge twice what they are a competitor do and still sell out every single time.

Because the truth is that if your target audience recognizes you as a premium source in your niche, it doesn't matter how many companies out there are selling the same thing for a lower price. This is especially true for companies that sell very niche products while you stack strategy. 

Value Stack Strategy Question

Question of the Day, how much money should you charge for your product or service, deciding how to price your product depends on the type of customer you're hoping to appeal to, whether you are focused on high quality clients or a comfortable paying premium price, or you plan to appeal to a wider audience with a lower price point. But it goes beyond that structuring of price.

One polishing positioning your offer so that it makes sense to a customer request setting the price benefits to the right audience. Your goal is to get them excited about what you are offering and demonstrating your ability to provide them with exactly what they are looking for. One of the easiest ways to modify the value of your product, so that a perceived value is greater. Thus appealing to a wider audience without evaluating your product is by utilizing a value stack of strategy. You are likely to see in this action a business that bundles, in addition bonuses, savings or even products at a low cost adding value to product Y highlighting the savings.

Example product is priced at ninety seven using a value stack. A strategy you would offer product B, why do I 57 as a free bonus, increasing the value from ninety seven to one fifty for the value stack of strategy is an easy way to persuade a customer that they are getting the best deal possible while putting the both logic groups as well as those are driven by the benefits. And Asgharzadeh, when it comes to your product