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1- Offer more benefits for less price, this is also known as the steal
2- Offer more benefits for a higher price, this is the brand premium.
The only exceptions here would be married to the Dussenbery effect aka the demonstration effect, but these too need a compelling value proposition.
To break the Step 1 or 2 as listed above, a brand needs to establish a halo product, and penetrate enough in the market that just by its presence it can scale up the price / value proposition. One brand that does this very well would be Apple (world over and in India too) or even the 1+ brand.