How boosting your actual value and perceived value can help you increase margins for your business and make more money
By Felicia Joy, Black Enterprise.com
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 re-position it to be more valuable in the minds of your current and potential customers. Do this by boosting actual value or perceived value.