From the course: B2B Marketing: Pricing Strategies
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How to map value in B2B pricing
From the course: B2B Marketing: Pricing Strategies
How to map value in B2B pricing
- [Instructor] A price is nothing more than a piece of information. Now, a very important one because your customers use it as a signal of value. And the way customers think about it is this. If they perceive the value to be higher than the price, they'll buy your product or service. If perceived value is equal to price, well, they may buy your product. And if value is less than price, they won't buy your product. But what is value? Well, it's the sum of all the benefits the customer realizes from using your product or service. Benefits come in different forms. Some are economic in nature like saving money, time, improved reliability, and so on. Some benefits are more functional in nature, faster, more convenient, more precise, for example. And some benefits are more emotional or psychological. For example, using a product might make you feel smarter or more responsible or more respected. Now those are intangible, but…
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