Niche marketers should price their products and services based on the value received by the customer: it is the customer's perception of value that counts. If you fancy price based on cost and/or the competition, you are not in a niche store or you are pricing incorrectly.
Niche store customers buy your product or service because it is different from the other options available. That variation is your value and it can be worth a selected price. Value is subjective and not every buyer will need your product's unique benefits, but this is how niche marketing works. As a niche marketer, you focus on serving a store segment that has been overlooked or underserved; the value or variation you add is your special knowledge of their unique needs.
Tiffany Jewelry Store
The value can come in the form of unique product or service features that you add. That value could come in many forms, even prestige. For example, Tiffany's is a "prestige" brand for jewelry; population buy jewelry at Tiffany's because of the brand. Yet, diamonds are diamonds. You can buy the same potential diamonds at Costco, but you don't get the reputation buying experience. For the Tiffany's customer, it is worth the price selected to walk out the store with the Tiffany's bag or box.
Sterling Silver Horseshoe Type Key Ring with Heart Tag 1 5/16 in. (34 mm) Best
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Sterling Silver Horseshoe Type Key Ring with Heart Tag 1 5/16 in. (34 mm) Overview
This HORSE SHOE type KEY RING is solid Sterling Silver. The ball on one end screws off so you can put in your Keys. It comes with a Heart Shape Silver Tag perfect for engraving; very good quality hand made workmanship, nice polish.
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*** Product Information and Prices Stored: Jan 04, 2012 07:18:04
Value based pricing is considered as the highest estimate that a buyer will pay for your product or service given the unique value that you offer when compared to the other alternatives. By giving the niche buyer exactly what they want, there are no other real alternatives. If that is the case, price it accordingly.
John Bradley Jackson brings street-savvy sales and marketing contact from Silicon Valley and Wall Street. His resume also includes entrepreneur, angel investor, corporate trainer, philanthropist, and consultant. His book is called "First, Best, or Different: What Every Entrepreneur Needs to Know About Niche Marketing".
Check out his website at: www.firstbestordifferent.com or his blog at www.firstbestordifferent.com/blog
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