Today I had the opportunity to present at the Austin luncheon lunch on how to establish a premium position in the marketplace.
The key points form the presentation:
- Building a premium product is about differentiating by focusing on a segment of customers who are willing to pay more for a product that serves them better. Premium products are created by value.
- People buy emotionally – then justify their decisions rationally
- People buy experiences
- Price communicates value
- Packaging communicates value
- Happy, empowered employees create value