Customer price perception plays a crucial role in pricing strategy. It refers to the customer's opinion of a product's value. If customers perceive that the product's price is greater than its value, they are less likely to purchase it. Conversely, if they perceive that the value is greater than the price, they are more likely to make a purchase. Therefore, understanding customer price perception can help businesses price their products in a way that maximizes sales and profits.
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Need to evaluate the best pricing strategy for a product? This Pricing Strategy spreadsheet includes the top pricing tools to evaluate cost, feature,...
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We've created this template in Excel and Google Sheets that you can download and customize to your needs. whether you need to compare the competition's pricing strategy, the product's cost and ideal margins, different pricing tiers, historical customer price sensitivity, marketing spend, CAC, and LTV, feature-by-feature freemium conversion, or market share captured over time, this tool can help you do it. We'll now show how to use the pricing strategy spreadsheet template to utilize the top five pricing strategies to price a product like a new cell phone.
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