One of the most important questions for entrepreneurs is determining the price for their product or service. How many customers are wanted to pay for a product plays an important role in this. In this video, Jacqueline explains which factors play a role in this.
The price that you as an entrepreneur charges for your product or service is an important aspect of the customer's buying process. Still, it's not all about the price. The customer expects a bit of exclusivity with the purchase and wants to be able to identify with a certain group that he or she wants to belong to. As an entrepreneur you must have a unique offer, be visible to the target group and be customer-friendly. This creates a bond with your customers.
Customers make a purchase based on trust and award. Think for example of a bag. There are shops where they offer bags for up to € 100 and shops where they offer bags for more than € 1.000. Is it possible that the quality of the second is so much higher that a price difference of € 900 is fair? Certainly not! Yet there are those who are willing to pay this high price. This is about loyalty and the gun factor. This group of people wants to belong to something and you have to create that as an entrepreneur.