Value-Based Pricing Strategy Explained - 60 Second Breakdown

We're breaking down value-based pricing strategy so that you can learn how to better price your products in just 60 seconds.
Pricing is one of the biggest levers you have to immediately add value to your company. Most businesses use cost-plus pricing or cost based pricing, which is taking how much it cost to make the product and adding a margin on top of that to determine the price of the product.
Value-based pricing strategy uses the customer's perceived value of a product to determining the price. Here's a value-based pricing example: If you are selling lemonade but are making few sales, instead of lowering prices (cost-based pricing) you should increase the customer's perceived value of your product so that they are more likely to purchase it. You can do this by adding more features to your product, adding tiers of service, or improving your product marketing.
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