Rafi Mohammed,
author of
The 1% Windfall:
How Successful Companies Use
Price To Profit and Grow,
advises to use
different product versions
to appeal to a wider range of customers.
“Consider offering
good, better, and best versions
to allow customers
to choose how much to pay
for a product.
For example,
many gourmet restaurants
offer early-bird, regular and chef’s-table options.
Price-sensitive foodies
come for the early bird specials,
while well-heeled diners
willingly pay an extra $50
to sit at the chef’s table.”
The key is,
of course,
to have three very different options
for the three very different price points.
Can you offer
good, better and best versions
of your products?