Best Practice: Branding with an Above Market Pricing Strategy, focuses on a five-star image, name, logo, content and customer experience to stand out.
Today’s Article: Tips to Branding with an Above Market Pricing Strategy
There are three pricing strategies: Below Market (low price), At Market (added values) and Above Market (luxury).
Branding with an Above Market Pricing Strategy needs to focus on a five-star image with luxury, status and prestige. Every aspect of the company from the name, logo, tagline, website, social media, content along with facility location and customer experience needs to support this Above Market Pricing Strategy.
It is expensive to enter this market and maintain this market position. The market for this brand is smaller than the Below or At Market Pricing Strategy. Only enter this market if the capital is available to open and sustain it.
Example: The Ritz-Carlton
“The Ritz-Carlton Hotel Company L.L.C., which operates five-star resorts and luxury hotels worldwide, has received all the major awards the hospitality industry and leading consumer organizations can bestow.”
“YOU CAN’T BE A LEGEND WITHOUT A GREAT STORY
100 years of history. Countless rewards. With an unshakeable credo and corporate philosophy of un-wavering commitment to service, both in our hotels and in our communities, The Ritz-Carlton has been recognized with numerous awards for being the gold standard of hospitality.”
“The Ritz-Carlton inspires life’s most meaningful journeys”
“Provide genuine care and exceptional products and services resulting in profit leadership”
Action Step: If pricing above market is your pricing strategy, review other companies that have successfully used this strategy. It this is not your pricing strategy, click on the Return to Pricing Strategies link below.
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