Good morning: Pricing is also messaging
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Good morning, Marketers, pricing is also messaging.
I was interviewing an expert in dynamic pricing when I first learned about this. Although pricing sounds like a more sales-driven strategy, it can also be part of that blend of positive impressions that marketers communicate to their customers. It’s new, it’s improved, it’s $3.99.
With prices on the rise for many goods and services, this will likely require additional messaging to cushion the blow. Probably the best approach to take is to be transparent. For instance, music fans might complain about the fees added by ticket services, but they are all listed in the order (venue fee, service fee, shipping and processing), and customers still go to the shows.
Or you can introduce a wider range of price options, and put your customer in the driver’s seat. Some budget airlines took this approach by allowing customers to choose the in-air comforts they’d like to have, which they can buy a la carte.
Of course, live entertainment and air travel are two industries closely watching the latest news on the Omicron variant. We’ve also kept a close watch on how marketers are responding in our Events Participation Index.
Quote of the Day. “Virtual conferencing is a sea change and a lifestyle change. It provides many of the benefits but significantly saves time and capital. Simply mail the SWAG (and spend less because the tire-kickers won’t be grabbing handfuls of your pens!) and use a solid marketing agency to provide killer presos.” – Respondent to the Events Participation Index