Tips for segmenting the market by price
Another great example of price influencing our purchasing decisions is the "supersize" option. One of the best real life scenarios is movie theater popcorn. How many times have you gone to see [an absolutely terrible] movie and ended up buying the largest popcorn because it was 50 cents more?
Whether we like to admit it or not, price and quality are large drivers of our purchasing decisions. Knowing this, we can create 4 classifications of price market segments - and advertise to each of them differently:
Identifying by this manner involves analyzing both your product offering and your customers. Make sure they align and then create the best marketing tactics for your segment.
Come back soon to see the next post - I promise the price will be right!
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