Marketing 101: the 7Ps of Marketing – PRICE
Know the Perceived Value of Your Product
Hello, I’m Jim Glover, “That Branding Guy” for Once a Day Marketing™. Today we’re sharing Part III in our series on the fundamentals of marketing using the 7Ps with a discussion of Price.
A strong value proposition means that customers feel they receive a good value in exchange for their hard earned dollars. Value proposition may include how your product makes the customer feel, what is included in the offer or a product performance guarantee.
To win and maintain a solid customer base, it makes more sense for a business to create a strong value proposition. This is what you want your customers to think about when they recall your brand to purchase your products or services. Work hard to ensure your value proposition is desired by your customers and also differentiates you from your competition. If customers don’t know what makes your offerings different then you might only be able to compete on price but this is never a successful pricing strategy.
The proliferation of coupons and product discounts has created a coupon culture among consumers. This is a pitfall for small businesses when they rely on coupons as a means of driving traffic. Extensive use of coupons may create an expectation on the part of customers for a discounted price and they will hold out for your next coupon offering.
If you find your business is relying too much on coupons and discounts to bring customers in, review your offerings and how they are positioned. Ensure your products have perceived value in the minds of your customers and focus your messaging to reinforce these customer benefits.
Once a Day Marketing™ inspires clients to brand bold. Visit our website at www.onceadaymarketing.com. Contact James Glover at (505) 501-1330 or email glover@onceadaymarketing.com. Listen to Ask Those Branding Guys™ every Monday at11:00am (MDT) streaming live on SantaFe.com KVSF 101.5 FM.
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Filed in: 7Ps of Marketing • Knowledge • Price
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