Business

Two Key Ways to Reposition Your Brand to Make More Money

[Black Enterprise]

Soda sells for $0.67 at the grocery store or $8 at an amusement park. Steaks are priced from $15 at a casual restaurant to around $35 at a fine dining establishment. A cup of coffee ranges from one dollar to more than $5 depending on where you stop for your morning Joe. The vast difference in these prices is a result of brand positioning and the value that the brand represents in the marketplace.

If you want to increase prices in your business and make more of a margin on each sale, analyze your brand to see how you can reposition it to be more valuable in the minds of your current and potential customers. Do this by boosting actual value or perceived value.

Actual Value
Increasing actual value likely will cost your business more money but will enable you to charge more too if your customers care about the improvements. For example, in the auto business, a sunroof, leather seats and chrome wheels are considered upgrades. It actually costs manufacturers more to install sunroofs than solid roofs; more to use leather rather than cloth and more to make chrome instead of aluminum wheels. Since car buyers think these features make a car more comfortable, sporty, luxurious, durable or flashy, these add-ons increase the value of the car and customers will pay more for them.

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