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✅✅✅ Good - Better - Best - A tiered pricing strategy.

In this week's Baking it Down Podcast - Episode 254 - Good Better Best, we explore the Good, Better, Best (GBB) strategy for pricing tiers - the magic being "good" is where it's at.

Forgive the lateness of today's Onesday Wednesday... however *checks the clock* - it would seem we've still made the deadline (sorry, had to get today's Bootcamp on Pre-Sales launched).

Not all strategies are created equal, and not all strategies will fit your sales approach. I like to compare strategies to a blanket that lies on top of your sales. Find the blanket that's most comfortable for your business approach.

Today's blanket = tiered pricing. Specifically, a 3-tier pricing structure designed to drive buyers to the middle tier - the better tier.

Benefits of the Good Better Best strategy? It reduces decision fatigue by limiting options to three clear choices, helping customers feel like they are getting a great deal without the baker overextending their time or resources - what baker wants to get burnt out?!

And for the baker? Your orders are the ones you want to take, while still making space for the lower budgets and still being open to the budget busters (hey, we can wipe our tiers with hundred-dollar bills, right?).

This pricing approach enhances what your clients 🧠 perceive as a good value, especially when you're specific with the better and best tier options. People can see what they are getting (or what they aren't) and justify the higher tier because they can see the difference, but not opt for the highest tier, feeling like they saved some money. 

🎯 The goal = move them into the middle tier.

This approach to pricing maximizes your audience, too - 🏆🏆🏆 another win-win-win of the GBB. You can now reach people at different price points that you wouldn't normally reach when they have submitted a quote before knowing the price. The cheaper budgets fall in the "good" tier, the ideal clients snag the "better" pricing, and the clients who are gonna be extra actually pay extra.

The key is to price your Good Tier in an unappealing way - the price is appealing, but the options within the tier make the client think, "Eh, I'm not sure that's what I want exactly." Corrie says, "Think 2 designs, 3 colors, less than a dozen cookies." We basically want the good tier to be the fall guy.

Your Better Tier is your Magic Mike. Within this tier, we've got 6 colors, 4 designs, 5 names on cookies, 2 dozen cookies (made-up numbers, but you get the point). This tier will look like most of the orders you're already taking currently.

Your BEST Tier will be over the top - golds, metallics, lettering, endless customization... You get the point. And price like you get three numbers before the decimal point. Make the Best Tier feel slightly outta touch with reality - we don't want people opting for this tier first.

This strategy marries price anchoring, popcorn pricing, customer segmentation, and "the compromise effect" to create a really powerful three-in-one sales pitch. Consider whether tiered pricing is a good fit for your bakery this week.

👂 Snag this podcast on any major podcast player (Spotify, Apple Music, Audible, Amazon Music, or watch it on YouTube) by searching for Baking it Down Podcast - Episode 254 - Good Better Best.