Welcome to the world of pricing strategies, where we're about to unravel the secrets of a game-changing approach: Splintering. In this video, I'll break down the process without the sweat but with all the impact.
Splintering refers to the strategy of breaking down a bundled product or service into individual components or features, and then strategically marketing and pricing those elements separately. This approach is geared to allowing the customer to try you out without having to go all in.
STEP 1 // PICK THE PRODUCT
Start by selecting the bundled product or service. Consider it as choosing the right ingredients for a recipe. Identify the comprehensive offering and pinpoint the components that stand out, those that pack the most value.
STEP 3 // PULL OUT THE PIECE YOU PLAN TO PROMOTE
Find the element within your bundle that has the most appeal to your target audience. Think of it as extracting the essence that makes your product or service irresistible. Know your customers and understand their preferences.
STEP 3 // PRICE IT WITH INTENTION
Ditch the discounts. It's all about pricing with intention. Emphasize the unique value of your standalone offering and resist the discount temptation. Convey exclusivity and premium quality through your pricing strategy. Remember, it's about value, not cutting corners.
STEP 4 // ENSURE IT PERFORMS
The real test comes down to performance. Ensure that your isolated element delivers on the promises made. Satisfied customers become your brand advocates. It's not just about making a sale; it's about creating a lasting impression.
THE BOTTOM LINE IS THIS...
The splintered pricing strategy offers a fresh perspective on differentiation without resorting to discounts. By carefully selecting, isolating, pricing with intention, and ensuring performance, Founders can create a compelling narrative around their offerings.
Your business doesn't need to join the discount race; instead, strategically splinter and watch your value soar in a market that appreciates quality over mere affordability.
ABOUT TAUNYA WOODS RICHARDSON
Taunya is well-known for her straight-shooting, bottom line-building approach to founder finance. As the Founder of Nail The Numbers, she brings 30+ years of experience in entrepreneurship, finance, and neuroeconomics to our mission of strengthening the minds and bottom lines of Founders across North America.