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Time and Pricing

 

DisciplinesMarketing > Pricing > Time and Pricing

Description | Example | Discussion | See also

 

Description

Use time as something that is desirable, and is worth the price that is charged. Talk about time and skill in manufacture. Talk about time that the customer will save, including across the whole lifecycle of product use. Highlight the opportunity cost of time lost if alternative products would be chosen.

Example

A sales person overcomes an objection to a higher price by talking about the time that will be saved, including lower maintenance needs.

A company prices their service contracts based on the time that customers save by having a service agent complete tasks for them.

A fashion manufacturer justifies high prices by explaining the time taken to hand-produce each item.

Discussion

In many ways, time and money are interchangeable. We talk about 'spending' time. In our work, we give our time in exchange for money. Then in our lives, we give money to people to do things that would take us a long time to achieve. This makes time a critical part of why we buy things.

Enhancing the time aspect of what is being bought assigns value to time and hence the good reason why customers should pay for this as an important factor.

See also

Perception

 

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