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Dennis Thorgesen
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Brands; pricing and conversion

Published on 5/18/2015
For additional information  Click Here

Brands, pricing and conversions

Lisech small logo

A brand promise, which is lived up to, commands higher prices in the long term. Companies convert better and can charge more when trust is built by the brand.  To earn a higher income companies must promise and deliver more than their competition.  Only those companies who make a promise then live up to it can consistently pull the higher earnings.

I personally believe "You receive the promise you pay for." This does not mean a person or company should pay the highest price available. There are companies who will deliver quality, at a fair price, for value received. Many companies are learning to adopt the attitude "Appear to undercharge then over deliver." True value is always in the eyes of the buyer.  If you give more value than your competition, you can appear to undercharge at a higher price, which by competition standards you are.

One of our consulting clients isn't pulling in the customers or prices his product is capable of because he is following the crowd. The companies, who stand apart in brand identity, image, and value, are the ones able to convert more visitors to buyers at higher prices.Your promise has to justify (emotionally first. then logically) someone investing in you, over your competition.  Some people just can't grasp this concept.

promise graphic

Every person in business, company, and product, is a brand, which must make a promise.

Once the promise is made, it must be fulfilled. Then a fair price for products or services rendered should not be a factor. Sometimes what a buyer considers a fair price and a company owner believe is a fair price is different. A brands function is to "prove” up front, your product or services pricing provides exceptional value. ©May 18, 2015 8:00 PM CDT Dennis Thorgesen, Lisechglobal consulting, Lisech eMarketing, all rights reserved.  

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