TakeawaysPricing too low can harm brand perception.Market research is crucial before launching a product.Testing pricing strategies is essential for success.Brand positioning affects customer willingness to pay.Strong visual branding can enhance product appeal.Building community fosters customer loyalty.Transparency in branding builds trust with consumers.Storytelling enhances brand connection and value.Evaluate pricing strategies regularly for profitability.Differentiate your brand to stand out in the market.SummaryIn this conversation, Bianca Paggi and Michelle Hsiao delve into the intricate relationship between pricing power and brand positioning. They discuss common misconceptions about pricing, the importance of market research, and the need for testing pricing strategies. The conversation emphasizes the significance of brand identity, customer perception, and community building in driving sales. Michelle shares insights on navigating pricing challenges, the role of storytelling in branding, and the necessity of evaluating pricing strategies regularly to ensure profitability. The discussion concludes with actionable advice for founders in product-based businesses to enhance their pricing strategies and brand positioning.Sound bites"Pricing cheaper isn't always the right answer.""Perception is reality with your brand.""Your customer is not pure."Chapters00:00 Introduction to Pricing Power and Brand Positioning02:45 Understanding Misconceptions About Pricing05:55 The Importance of Market Research08:56 Testing Pricing Strategies11:46 Brand Positioning and Customer Perception14:49 Creating Value Beyond the Product17:46 Building Community and Transparency with Customers20:51 The Role of Storytelling in Branding23:49 Navigating Pricing in a Changing Market30:15 Navigating Pricing Challenges in 202536:03 The Importance of Visual Branding41:55 Community Engagement and Market Research50:18 Key Strategies for Product-Based BusinessesBook your complimentary 45 minute consultation with Michelle HEREConnect with Michelle Hsiao:Her websiteInstagramLinkedInLet's be social! Follow us on Instagram ⁠⁠@itsbrandingwithb⁠⁠Check out our website: ⁠⁠www.itsbrandingwithb.com⁠⁠Join our newsletter: ⁠⁠HERE

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