Prestige pricing strategies for superior brand positioning

How well is your pricing strategy aligned with the prestige of your brand? Prestige pricing offers unique opportunities to expand your profitability and attach positive connotations to your brand.

Prestige pricing is a strategic marketing approach focused on building a strong brand identity. Specifically, businesses set higher prices to match the prestigious branding of their product or service.

The goal of prestige pricing strategy is to create perceptions of:

• Higher than average quality
• Exclusivity
• Luxury

With prestige pricing, you are competing in your market over brand positioning. You are not competing on pricing alone. This works for many companies for whom it does…