11 Top Pricing Strategies & Tactics To Boost Customer Loyalty

1. Economy Pricing · 2. Keystone Pricing · 3. Product Line Pricing · 4. Cost-Based Pricing · 5. Penetration Pricing · 6. Price Skimming · 7. Search 11TopPricingStrategies&TacticsToBoostCustomerLoyalty SamuelHumMarch20,201919minread Runningabusinessisextremelyhardwork. Youconstantlyhavefirestoputoutandyouneedthingstokeepgrowing.Andoutofallthechallengesyouface,twoofthebiggestonesarecustomeracquisitionandsalesprofits. Thankfully,thereisawaytoaddressbothproblemsatonce. Keepingacustomerloyaltoyourbrandreducesthecostsofacquiringnewcustomers.Infact,focusingonretaininganexistingcustomerisfivetimescheaperthanacquiringanewone! Oneoftheeffectivewaystoattractpotentialcustomersandimprovecustomerloyaltyisthroughyourpricingstrategy. Butbeforewegettothevariouspricingstrategiesyoucanuse,thereareafewthingsyouneedtoknowinsideout. TableofContents WhyPricingIsImportantForAllEcommerceCompaniesInternet:TheBigBoosterOfAnObjectivePurchaseOtherFactorsThatMakePricingImportantHowToPriceAProductKnowTheMarketKnowYourCostsWhatArePricingTactics?11TopPriceStrategiesAndTacticsForAnyBusiness1.EconomyPricing2.KeystonePricing3.ProductLinePricing4.Cost-BasedPricing5.PenetrationPricing6.PriceSkimming7.PromotionalSalePricing8.BundlePricing9.Value-BasedPricing10.PsychologyPricing11.PremiumProductPricingConclusion WhyPricingIsImportantForAllEcommerceCompanies Haveyouexperiencedthatfeelingofbeingina“buyingmood”whenyouenterashoppingcenter?Isitperhapsjustthesmellthatputsyouinthatmood?Ithappenstome,too. Asitturnsout,manyretailstoresdeliberatelycrafttheirownsmell.They’redoingsomethingcalledscentmarketing,anditworkswell. Thatisthepowerofsensoryexperience.Sadlyinecommercewecan’tyetoffersuchpowerfulexperiences.(Augmentedandvirtualreality,wearewaitingforyou!) Sowhenbuyingonline,thingsaremuchmoreaseptic.Thepriceisthereatfirstsight–butthebuyercan’ttouch,smellortrytheproduct,soallthesesubjectivebuyingpushersareremovedfromtheprocess. Didyouknowthat90%ofonlineshopperssaytheycomparedealsontheInternet?Orthat47%ofbuyersonlychoosediscountedproducts?Orthatmorethan6outof10buyerssaypricingisthekeyfactorwhenitcomestothebuyingdecision? Thefactisthatpriceisanessentialbuyingfactorforobjectivepurchases. Internet:TheBigBoosterOfAnObjectivePurchase Ecommerceisinanenvironmentwhereobjectivebuyingprevails.Aswesaidabove,theexperienceisquitedifferentfrombrick-and-mortarbuying,andtheinformationismucheasiertoget.Nobodywantstopaymore,andtheinternetofferssomeincentivestoencourageobjectivepurchases: Easeofcomparingprices Easeofcomparingtechniquecharacteristics Motivationofuserstoresearchinordertomakebetterpurchasingdecisions Availabilityofdifferentbuyingoptions Accesstootherusers’experiencesthroughreviewsandsocialmedia Inshort,accesstoallthisinformationencouragescustomerstoresearchandbecomeexpertsinalmosteverykindofproductbuying. OtherFactorsThatMakePricingImportant Pricingisnotjustawaytosellmore,butalsoafactorthataffectsthemostimportantKeyPerformanceIndicators(KPIs)ofyourbusiness.HerearejustsomeKPIsthatyourpricingaffectsdirectly: ConversionRates ProfitMargin Revenue MarketShare WebsiteVisitors Allofthesefactorsandmuchmoreareaffectedbyyourpricing.Doyouknowanyecommercebusinessthatdoesn’thaveatleasttwoorthreeoftheseKPIsintheirmarketingplan? Priceisanessentialpartofyourbrand’smarketpositioningstrategy.Itdoesn’tmatterifyou’reintheluxuryorlow-costmarket,yourpricesaresendingaclearpublicmessageaboutyourbrand. HowToPriceAProduct KnowTheMarket Figuringoutyourtargetmarketandhowyouwanttopositionyourbusinesswilllaythefoundationforyourfuturemarketingandpricingtactics. Hereareafewquestionsthatwillhelpestablishyourtargetmarket: Neworwell-establishedmarket? Ifyourproductisthefirstofitstype,youwillhavefewcompetitorstocompetewith.Butatthesametime,yourchallengewillbeeducatingpotentialcustomersonwhatyouareandwhytheyshouldbuyyourproduct.Ifyouareenteringawell-establishedmarket,liketelevisions,thenyouwillbecompetingwithveteransthathavealreadyestablishedareputationforthemselves.Yourfocuswouldbeondifferentiatingyourselffromthepackandwinningconsumersoverwithyournovelfeatures. Whoareyourcompetitors? Youmayhavedirectcompetitors–brandsthataresellingtheexactsameproductsasyou.Theycouldalsobeindirectcompetitors,whicharedifferentproductsbutserveasimilarfunction.Anindirectcompetitoroftelevisions,forinstance,couldbetabletsorsmartphones.Asmobiledevicescomeequippedwithbiggerscreensandbettersound,consumersmaychoosethemoveryourtelevision. WhatdoIofferthatisbetterthanmycompetition? Knowingwhat’sofferedoutthereandwhatyoudodifferently/betterwillhelpguideyourmarketingstrategyandalsoyourpricing,e.g.invalue-basedpricing.Marketresearchiskeyinhelpingyoufindoutwhereyoustandinyourtargetmarket.Ifyourcompetitorsonlyhavetelevisionsthatare50incheswide,butyoursare60inches,thatisonefeatureyoucanfocuson.Ormaybeyourproductis30%morepowerefficient?Themoredifferentiatingfeaturesyourproductshave,theeasieritistofindyournicheandzoominonyourtargetmarket. What’smynichemarket? Afterlistingdowntheuniquefeaturesofyourproduct,it’stimetoidentifyanichemarkettofocuson.Otherwise,yourmarketwillbe“televisions”andyou’llendupcompetingwithcountlesslistingsandbrandsoutthereonline.Wefoundthatusinglongtailkeywordsisaclearwaytofindoutwhatyournichemarketcanbe. Longtailkeywordsarekeywordsorphrasesthataremorespecificthanmainkeywordslike“television”.However,theymakeupabout96%oftotalsearches!Addingontothat,Ahrefsfoundthatthesekeywordshadfewerthan50searchespermonth.Sofocusingonspecificlongtailkeywordswillallowyoutostandoutwithlittlecompetition.Thisultimatelygivesyouabetterchancetorankhigheronsearchengineresults. KnowYourCustomers:Understandingcustomerpersonas,buyerpersona,andyourtargetcustomers Nowthatyouhaveaclearideaofwhoyourtargetmarketisandwhereyourbusinessstands,it’stimetolooktowardyourcustomers. Understandingyourcustomersbetterwillhelpyoufurtherrefineyourpricingstrategieslateron. Createcustomerpersonas Customerpersonas,alsoknownasbuyerpersonas,arefictionalrepresentationsofyourtargetcustomersbasedonyourbrandpositioningandtargetmarket.Youshouldalreadyhaveaprettygoodideaofwhoyourtargetcustomersare,butpersonaswillguideyourbrandpositioningandmessagingevenbetter.Customerpersonascanbecreatedwithdemographicsandpsychographicsofyourcustomers.Demographicsgiveyouanideaofwhoyourcustomersare,andcompriseofhardinformation,suchasage,gender,maritalstatus,incomerange,etc.Anexampleofabuyerpersonaforwidescreentelevisionswouldbeafatherinhismid-thirtieswhohastwochildrenandispartofamiddle-incomehousehold. Psychographicsdiveintothemindsetofyourcustomerstotellyouwhytheybuy.Theyincludeyourcustomers’values,thoughts,emotions,etc.Whatisimportanttothem?Howdotheyfeelaboutcertaintopics?Whataretheywillingtospendon?Thatfatheroftwobuyerpersonaexamplewouldprobablyviewfinancialstabilityashistoppriority.Beingabletosupporthisfamilycomfortablywillbecentraltohiscoreidentityasahusbandandfather. Whiledemographicscanbegeneratedfromananalysisofyourcustomerbase,psychographicswouldrequireconductingcustomerinterviewsanddoingmarketresearch. Doyourmarketresearch Themostaccuratewaytoknowyourtargetcustomersistoconductmarketresearch.Apartfromcreatingyourcustomerpersonas,marketresearchwillhelpyouunderstandyourcustomersbetter.Throughresearchmethodslikecustomerinterviews,onlinequestionnairesandanalyzingcustomerdata,youwillunderstandtheirpainpoints,concerns,andmostimportantlyforpricing–howmuchtheyarewillingtopayforyourproducts.Thislastquestioncanbeansweredbyaskingthemdirectlyorthroughresearchonyourcompetitors’pricingandfeatures. Thenit’stimetocalculateyourpricing,startingwithyourcosts. KnowYourCosts Thelaststepbeforefiguringoutyourpricingistocalculateyourcosts. Ifyouaresellingaphysicalproduct,themanufacturingcostwillbethefirsttobeincluded.Afterthat,wemoveontooverheadcosts. Overheadcostsgenerallyfallunderfixedcostsandvariablecosts.AccordingtoFundamentalFinance,fixedcostsarecoststhatareindependentofoutput.Thesewouldincluderent(forbrickandmortarstores),machinery,etc. Incontrast,variablecostsvary,increasingasoutputincreasesandviceversa.Thesecostswillincludewages,utilities,shippingcosts,rawmaterialsforproduction,etc. Afteryoucalculatehowmuchyourproductscost,wecandecidewhichpricingstrategytouse. WhatArePricingTactics? Pricingtacticstakeintoaccountthemarket,shiftsindemand,competition,andaremoretemporary,sayoveranintroductorypromoperiodoraparticularquarter Althoughweusethetermsinterchangeably,pricingstrategiesandpricingtacticsarenotthesamething.Pricingstrategiesaresetatahigherorganisationorbrandlevel,aimedatthelifecycleoftheproduct. Asanexample,imaginethelatestiPhonelaunchestomorrow.AsaniPhone,itwillfollowthePremiumPricingstrategy,andalwaysbeviewedasaluxurygoodandmoreexpensivethancompetitors.Duringthefirst2weeksoflaunchorinPre-Sales,retailersmightsellitatapremium—SkimmingPricingStrategy.Afterafewyears,whennewversionscomeout,thepricewoulddroptoEconomicPricingTacticlevels,inordertoraisedemandandclearstockbeforeAppletakesitofftheshelvesentirely.Whetherit’sapricingstrategyortacticisadiscussionformarketingtextbooks. Yourpricingneedstocoverallyourcostsandthenmakeaprofitontopofthat. Yourpricingdecisionswillbeinfluencedbyyourcompetitors’pricing(perhapsthroughpricemonitoringsoftware),targetcustomerpersonas,brandpositioning,businesstype,andyourtotalcosts. Let’stakealookat11ofthemostpopulartypesofpricingstrategiesforanybusinesstype. 11TopPriceStrategiesAndTacticsForAnyBusiness 1.EconomyPricing Aimedatprice-consciousconsumers,economypricinggivesaverythingrossprofitmarginperitem. Thisstrategyisbestusedforitemswithlowproductionandmarketingcosts.Asaresultofthesmallprofitperitem,largesalesvolumesareamustforthisstrategytosucceed. HypermartslikeWalmartarebestsuitedforeconomypricingduetothesheervolumeofitemsalesandcommoditieswithhighpricesensitivity. [Walmart.Image:FlickrviaWired] Forsmallerbusinesseswithoutasubstantialsalesvolume,itisbesttoavoidthispricingstrategy.Youmaynotbeabletocompetewithlargerbrandsthatareabletosellevenlowerduetoeconomiesofscale. 2.KeystonePricing Keystonepricingisastrategythatputsthefinalpricetagasdoublethatofthewholesaleorlistprice. Whenkeystonepricingwasfirstintroduced,itwasdonetwice–onceatthemanufacturer’slistpriceandanotherattheretailprice.Soifatelevisionsetcost$200tomake,themanufacturerwouldsellittotheretailerat$400.Theretailerwouldthensellittoacustomerfor$800. Itisgenerallynotadvisedtousekeystonepricingforallproductsinyourcompany,asthatwouldmakeeverythingtooexpensive.Keystoneisalsodiscouragedifyourcompanysellscommoditiesthathavehighpricesensitivity. Ifyouaresellinglimitededitionproducts,keystonewouldnotbefavorableforyoueither.Thisisbecausethemarketvalueofthatitemwouldprobablybemuchmorethankeystonepricing. However,keystonepricingwouldworkinsmalltownshops,especiallybrickandmortarstores.Itisalsobeneficialforproductsthatareuniqueonthemarket.Thisisduetolesscompetitionbothofflineandonline. 3.ProductLinePricing Alsoknownaspricelining,productlinepricingisaprocessinwhichproductsandservicesinaspecificcategoryaregivendifferentpricepoints. Thepricedifferenceisusuallytodifferentiateproductsaccordingtodifferentiatingfeatures.Thisprovidesmoreoptionsfortheconsumerandthusmoreopportunitiesforsales. [Starbuckssizing–Short,Tall,Grande,Venti.Image:soranews24.com] Starbucksusesproductlinepricingfortheirdrinksizestocatertodifferentneeds.Theircheapesttallsizeservesastheanchor,soconvincingcustomerstoupgradeiseasyasthepriceincreaseisfairlysmall. Thisisanextremelypopularpricingstrategyandcanbeappliedtovirtuallyanybusinesswhichhasproductsatdifferentpricepoints. 4.Cost-BasedPricing Alsocalledcost-pluspricing,cost-basedpricingisoneoftheeasiestwaysyoucanpriceyourproducts. Allyouhavetodoiscalculateyourtotalcostperproductandthenaddapercentageofmarkupasthefinalprice. AccordingtoSumo,thismethodofpricingissimpleandfast,allowingyoutoaddaprofitmargintoanyproductyouaresellingwithminimalhassle. Cost-basedpricingisbestusedinbusinessesthathaveadiverserangeofproductsthathavecompetitivepricing,likesupermarts.Cost-basedpricingcansavealotoftimewhenyouhavehundredsofdifferentproductsonsale. Similartoeconomy-basedpricing,cost-basedpricingtendstoresultincompetitivepricesandarethustargetprice-consciousconsumers.Itcanalsobeusefulfornewproductsonthemarketthatdonothaveanexistingmarketpriceavailable. 5.PenetrationPricing Asitsnamesuggests,penetrationpricingisoneofthepricingstrategiesusedwhenintroducinganewproductintothemarket. Theintroductorypriceusedinthisstrategyisalwayssignificantlylowerthanitsusualpriceorthatofthecompetition.Thisstrategyiseffectiveinattractingcustomerstotryit,withhopesthatcustomerswilllikeitenoughtopurchaseitatfullpriceeventually. E.g.Lay’sStax [Lay’sStax.Image:TheCrazyCouponChick] InAugust2003,Frito-LaylaunchedtheirStaxpotatochipstocompetewithPingles,whichwaspopularatthetime.StaxwasidenticaltoPringleschipsinmanyways,fromtheshapeofthechipstoeventhedesignoftheircontainers.Theyweregivenaninitialpricetagof$0.69foritsfirstfewmonths. Aftertheirproducthadobtainedadecentamountofmarketshare,Frito-Layeventuallyadjustedthepricetoover$1,similartomarketprice. Penetrationpricingisalsoagreatwaytomeasurepublicreceptiontothenewproduct.Youcanfollowuppurchaseswithquestionnairesforcustomerstogivefeedbackontheproduct. 6.PriceSkimming Thepriceskimmingstrategyisanotherwaytointroduceanewproduct,butitistheoppositeofthepenetrationpricingstrategy. Inpriceskimming,theinitialpriceofthenewproductishigherduringtheintroductoryperiod.Thiselevatedpricetagwillgenerallylowertonormalmarketpricingwhenothercompetitorsenterthemarket. Abrandthatusespriceskimmingneedstobewell-establishedenoughinanindustrywhichhasstiffcompetition,likeconsumerelectronics. [SamsungGalaxyNote9,Image:SamsungviaCNET] Samsungisonesuchbrand. WhentheylaunchedtheirGalaxyNote9inAugust2018,itwasavailableforpreorderat$999.Itfeaturestop-endfeaturesandtheNotelineuphasalwaysbeenacrowdfavorite. InDecember,itwasavailableinselectedplacesat$699. Consumerelectronicsisaredseaofcompetition,withbrandsconstantlyjostlingformarketsharewiththelatesttechnologyandinnovativedesigns.Earlyadoptersofsmartphoneswillgladlypaythepremiumpricetobethefirsttoownthenewestdevices. Bythetimecompetitorsenterthemarketwithnewproducts,Samsungwouldhaveearnedasignificantamountofsalesfromearlyadopters,andcannowreducetheirpricestocatertothemoreprice-sensitivecustomers. Pullingoffpriceskimmingwillrequireproductsthatconsumerswillwanttoownforbraggingrightsandtobeperceivedastrendyorluxurious. 7.PromotionalSalePricing Withpromotionalsalepricing,productsareeithergivenadiscountedpriceorareincludedinapromotionsuchasbuyonegetonefree. Thismakestheproductsmorecompetitiveandappealstoprice-consciousconsumers.Whileitissometimesusedwhenintroducinganewproduct,whichisthesameaspenetrationpricing,thepromotionalsalepricingcanbeusedatanytime. MandatoryCredit:PhotobyCrisFaga/REX/Shutterstock(9990525v)PeopleshoppingBlackFridayinSaoPaulo,Brazil–22Nov2018 [BlackFridaysaleinSaoPaulo,Brazil.Image:CrisFaga/REX/Shutterstockviapeople.com] Year-endsalessuchasBlackFridayareagreattimeforbrandstousepromotionalsalepricing. Eventhoughproductssoldduringbigsaleeventsareusuallyonmassivediscounts,thesheervolumeofproductssoldwouldstillyieldaprofit.Inaway,brandsarealsoforcedtogoonsaleforthefearoflosingouttotheircompetitorswhoareusingthestrategy. 8.BundlePricing Bundlepricingisatypeofpromotionalpricingtacticthatcombinesmultipleproductsintoabundlethatsellsatalowerpricethaniftheyweresoldindividually. Thisstrategyisusefulforsellingoffslow-movingorunsolditemsthatareoccupyingstoragespace.Itemsthataresoldataslightlossisstillbetterthannotbeingsoldatall.Thebundlepackagepricewillalsogiveyourcustomerstheperceptionthattheyaregettingagooddeal. [UnimomMinuetLCD+BreastfeedingStarterKitBundleDeal.Image:mummysmarket.com.sg] Thebeautyofbundlepricingisthatyoustandtocreateamorecompellingproductpackagebycombiningitemsthatcomplementeachother.Inthiskit,everythinginithelpsmaketheprocessofbreastfeedingeasierandwillfeellikeamoreattractivedeal. 9.Value-BasedPricing Value-basedpricingisastrategywherethepriceisdeterminedbasedonaproduct’scurrentmarketvaluewithanincrementaccordingtoanydifferentiatingfeaturesfromitscompetition.Itissimilartocompetition-basedpricingwherebythepriceisbenchmarkedbasedonthecompetitionratherthancosts. ThisfinalpriceistermedTrueEconomicValue(TEV)–howmuchacustomerwillpayforaproduct/servicethatcandelivermorevaluethanitsclosestcompetitor. HarvardBusinessReviewdefinesTEVas: “TEV=costofthebestalternative+valueofperformancedifferential” Saythetelevisionyouaresellingisidenticaltoyourclosestcompetitor,exceptyourscreenis10incheswider.Howmuchwouldyourcustomerbewillingtopayforthatextra10inches? Thatwouldbethevalueofperformancedifferential. Findingoutthatvaluethroughcustomerinterviewsandquestionnaireswillhelpyoupriceyourproductinawaythatisfairertoyourcustomerandputyouinacompetitivepositionwithinthemarket. 10.PsychologyPricing Psychologypricingisagroupoftechniquesbasedonpsychologythatappealstocustomers’emotionalorirrationalaspectsratherthanrationalones. Theyleveragevariouscognitivebiases,whichareerrorsinrationaldecision-making,inheuristics,whicharedecision-makingshortcuts.Logicaldecision-makingoftenconsumestimeandenergy,soweuseheuristicstomakeachoicefaster,butthatcomesatacostoflogicalaccuracy. NickKolendahascompiledalistofpopularpsychologypricingstrategiesthatyoucanapplytoyourpricing. Themostpopularpsychologypricingaroundisthe.99tactic. [Supermartcouponsthatutilizethe.99tactic.Imageviawiderfunnel.com] WhiletheTidedetergentisclearlycloserto$10oncloserinspection,someofuswouldthinkit’scloserto$9whenwearelookingatitinahurry.Ifacompanysellsoneofitsproductsfor$9.99ratherthan$10,itisusingpsychologypricing,orodd-evenpricing Becausewereadfromlefttoright,weseethedigit9first,andthatformsananchorinourhead.Anchoringisatypeofheuristicthatallowsustomakeasubsequentevaluationbasedonthefirstpieceofinformationwesee,whichisthe9.Soeventhough$9.99iscloserto$10,itfeelscheapertous. Thisparticularstrategyisbestusedforproductswithcompetitivepricing,targetedatprice-consciousconsumers. 11.PremiumProductPricing Premiumpricingisthedirectoppositeofeconomypricingandinvolvessettingthepriceofaproducthightoconveyanimpressionofluxuryandquality. Itissimilartopriceskimming,exceptthatpriceswillhardlyeverdrop.Itisatypeofpsychologypricingthatappealstoacustomer’sself-image. LuxurybrandslikeLouisVuittonandAudemarsPiguetaregreatexamplesofbrandsthatutilizepremiumpricing. [AudemarsPiguet’sRoalOakOffshoreSelf-windingChronographinsteel,$28,700.Image:Monochrome] Now,it’shardtoimaginethetotalmanufacturingcostofasteelwatchcomingcloseto$10,000,letalone$28,000. Duetotheperceptionofluxurygoodsandassociationwithsocialstatus,customersaren’tbuyinganitemsomuchastheyarebuyingprestigeandsocialclass. Forabrandtoutilizethepremiumpricingstrategyeffectively,itmustfirstworkhardtoestablishavalueperception.Everypartoftheconsumerjourneyandmarketingmessaginghastoreinforcethatperceptionofhighqualityandluxury. WhenyouwalkintoanAudemarsPiguetboutique,youwalkoutfeelinglikenobility. Ifeverythingaboutyourbrandconveysthemessageofqualityandluxury,thencustomerswilldeemitworthwhiletospendtheirmoneyonyou. Conclusion Thereisnosingularbestpricingstrategyoutthere. However,understandingyourmarket,customers,andcostswillallowyoutoplanamoreeffectivemarketingstrategy.Itwillalsohelpyoumakebetter-informedpricingdecisions. Doyourresearchonyourtargetmarketandcustomerstodecideanoptimalpricingstrategyforyourbusiness.Also,youcanusemultiplepricingstrategiesforvariousproductsandserviceswithinyourbusiness. Eachproducthasitsplaceandpurpose,andaspecificpricingtacticthatsuitsitspositioningwilloptimizeyoursalesandboostcustomerloyalty! HowtoSellOnlinemarketingstrategy SamuelHum AsafinalistinEsquire'sBestDressedRealMancontest,SamuelisReferralCandy'sfashioneCommerceexpertandresidentsartorialist.Heisobsessedwithhumanbehavior,socialpsychology,andhandstands.HeisalsotheleadcalisthenicstraineratWeightless. 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