Niche marketers should price their products and services based on the value received by the customer: it is the customer's perception of value that counts. If you intuit price based on cost and/or the competition, you are not in a niche market or you are pricing incorrectly.
Niche market customers buy your product or aid because it is separate from the other options available. That divergence is your value and it can be worth a prime price. Value is subjective and not every buyer will need your product's unique benefits, but this is how niche marketing works. As a niche marketer, you focus on serving a market segment that has been overlooked or underserved; the value or divergence you add is your extra knowledge of their unique needs.
Tiffany And Co Store
The value can come in the form of unique product or aid features that you add. That value could come in many forms, even prestige. For example, Tiffany's is a "prestige" brand for jewelry; people buy jewelry at Tiffany's because of the brand. Yet, diamonds are diamonds. You can buy the same potential diamonds at Costco, but you don't get the reputation buying experience. For the Tiffany's customer, it is worth the price prime to walk out the store with the Tiffany's bag or box.
Lite Source LS-20403 Emsley Table Lamp, Polished Steel And Dark Walnut with White Fabric Shade Best
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Lite Source LS-20403 Emsley Table Lamp, Polished Steel And Dark Walnut with White Fabric Shade Feature
- Lite Source Table Lamp with Polished Steel And Dark Walnut body from the Emsley Collection
- White Fabric Shade
- Shade dimensions: 10-Inch top by 10-Inch bottom by 12.75-Inch height
- Lamp dimensions: 26.75-Inch height by 10.25-Inch width
- Requires 1 x 150 Watt E27-socket A-type bulb (not included)
Lite Source LS-20403 Emsley Table Lamp, Polished Steel And Dark Walnut with White Fabric Shade Overview
Light Bulb:(1)100w A19 Med F Incand Polished Steel/Dark Walnut with White Fabric Shade.
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*** Product Information and Prices Stored: Jan 11, 2012 06:31:19
Value based pricing is thought about as the highest estimate that a buyer will pay for your product or aid given the unique value that you offer when compared to the other alternatives. By giving the niche buyer exactly what they want, there are no other real alternatives. If that is the case, price it accordingly.
John Bradley Jackson brings street-savvy sales and marketing experience from Silicon Valley and Wall Street. His resume also includes entrepreneur, angel investor, corporate trainer, philanthropist, and consultant. His book is called "First, Best, or Different: What Every Entrepreneur Needs to Know About Niche Marketing".
Check out his website at: www.firstbestordifferent.com or his blog at www.firstbestordifferent.com/blog
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