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.
© 2017 Once a Day
Marketing™. All rights reserved.
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