Custom value in pricing

Definition updated on November 2023

How is custom value in pricing determined and what role does it play in product valuation?

Custom value in pricing refers to the process of determining the selling price of a pair of sneakers based on the perceived value of the sneakers to a specific customer or group of customers. This involves understanding the unique needs and preferences of the customer, and the value that they place on specific attributes or features of the sneakers such as the brand, model, condition, rarity, and any additional accessories or customizations. The selling price is then set based on this perceived value, rather than simply adding a markup to the cost of the sneakers. For example, a pair of limited edition sneakers with custom artwork may have a higher perceived value to a collector or a fan of the artist, and therefore, may command a higher selling price than a standard pair of sneakers. In the sneaker resell market, understanding the custom value in pricing is essential as different customers may place different values on the same pair of sneakers. For beginners in the sneaker resell market, it is important to research and understand the target customer base, and to consider the custom value in pricing when setting the selling price of sneakers. Additionally, it is important to communicate the unique value of the sneakers in the product description and marketing materials, as this can help to justify a higher selling price and attract the right customers.

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