It’s surprising that something that works so well, and has for so long, is still not a common practice for the custom apparel and promotional products business.
Good Better Best pricing works. It works so well that it’s still being studied today – by the organization like the Harvard Business Review in the most recent case. And that’s what inspired this Episode of the Custom Apparel Startups Podcast.
What is Good, Better, Best (GBB)?
It’s a strategy to offer 3 levels of products. Each containing different features and coming at a different price. “Good” being the minimum level your brand is willing to offer, “better” being an upgrade at a marginal price increase, “best” being the highest level your customer base would be willing to spend on apparel.
What are the GBB approaches?
Offensive plays aimed at generating new growth and revenue
Defensive plays meant to counter or forestall moves by competitors
Behavioral plays that draw on principles of consumer psychology.
Moves away from Binary (A or B) (1 or 0)(e.g. my way or high way) “Buy / Don’t Buy” to more choices, gives the customer a sense of empowerment rather than an ultimatum.
Customers tend to decide more quickly. They focus on what they want, rather than just deciding to buy
How to make a GBB?
– Consult apparel suppliers
– Ask customers
– Look at old orders
– Compare to other businesses
– Look at big brand online stores
Get out and figure out how to add Good Better Best to your sales process!