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Marketing Prices
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Marketing Prices
By Amit Agarwal
Prices are the most sensitive factors in marketing. This article details how companies can protect their customer bases, even when increasing prices. The latter part of the article discusses recent reductions in prices by companies fearing a recession in the U.S. economy.
Need to increase prices? Every company increases prices at some point, but not without facing the ire of customers. Though price increases are inevitable considering the constant rise of input costs, it is also important to market any price increase tactfully.
Every company increases prices at some point, but not without facing the ire of customers.
Whether you are a doctor charging fees for house calls, or a manufacturer selling cars, your own costs are always likely to increase, pushing you to increase fees or prices that you charge to customers. However, there is a right way to handle customers when you increase prices.
Packaged Communication for Price Hikes
Any communication about price hikes to your faithful customers should be gift-wrapped in sweet but straightforward words. Something like, “For the past 7 years ABC manufacturing has held its prices steady while always improving our quality and service. We are proud that after these many years we are limiting our price increase to a modest 3%.”
You should be able to convince your customers through your communication, whether it’s a letter or email, that your price hikes are fair.
Charging for Add-Ons
Charging for the extra benefits to customers is another way to tackle a price increase. A courier company can charge extra for promising to deliver consignments within 20 hours instead of the normal 24 hours. Efficient courier companies usually deliver within 20 hours but play it safe by advertising delivery within 24. Working towards such strategies does not add to your costs.
Market Segments
Price hikes can be given shape through a careful consideration of market segments. There are always certain market segments which are affected more by price hikes than others. A business traveler won’t mind paying extra for a more expensive same-day return flight to Miami; however, a housewife would not always want to spend those extra dollars.
Different market segments react differently to price hikes. Hence, price strategies should be calculated according to the diversity of market segments.
Price hikes should be dealt with by being straightforward and bold. Your customers are not interested in your profit margins; they are concerned about value for their money.
Some researchers have even suggested that some people may hold you in greater esteem if your products look expensive!
Handling Prices during a Recession
It has been noted that a recession forces retailers to lower prices in order to sell more. Recent articles in the New York Times about Starbucks selling coffee for a dollar per cup shed some light on the fear faced by businesses in the U.S.
However, critics say that it is wise to stick to your prices. They contend that though it is easy to lower prices during a recession, raising prices becomes difficult when the economy turns around.
When deciding on a re-pricing of your products, you should consider whether your brand is price sensitive or not. High-end or luxury brands may damage their images by reducing prices. The tighter people are with their cash, the more they look to spend on trusted brands only. Hence, brand image becomes all the more important.
Accordingly, during a recession one should look to protecting one’s brand by holding steady with the prices.
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7 Effective Marketing Techniques to Glide through a Recession
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clipped by suzip Mar 18, 2008
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7 Effective Marketing Techniques to Glide through a Recession
By Amit Agarwal
Brake on a turn, and you might lose control. A NASCAR driver slows down before a turn but accelerates while on it. Businesses generally put the brakes on their marketing budgets during a recession, but that doesn't serve them well when the economy recovers. This article lays down some techniques for effective marketing during a recession.
It’s fine to put on the brakes while heading into a recession, but planning for tougher times always pays. The U.S. economy may or may not be heading for a recession right now. Let’s assume, for the purposes of the present article, that it is. Some of the best marketing techniques to use during a recession are listed below:
Recession forces every department of a company, including marketing, to check their budgets.
1. Avoid Cutting Marketing Budgets
A number of studies have shown that companies which don’t compromise their marketing spending during a recession generally come out stronger upon a recovery. Avoiding a cut in your company’s marketing budget will help you compete in the marketplace when most other companies are reducing their spending across the board.
2. Utilize Budgets Unconventionally
Recession forces every department of a company, including marketing, to check their budgets. Marketing departments that use more unconventional marketing techniques during these times often come out with healthy progress reports during any economic recovery.
3. Justify Your Investments
During a recession, a CEO needs a strong reason for every major investment. A marketer who can prove that a certain investment will provide sufficient revenues for the company in the long run will definitely meet with greater success. For example, by studying the market, one can make modifications in a product, its price, and its positioning.
4. Find a Friend to Lean On
Swimming alone in the ocean during bad weather makes no sense. One must look for partnerships to help reduce friction from a dragging economy. The stronger your partner, the better your chances for survival. In a recession, everyone is struggling and looking for help. Partners may be found across borders, in similar industries, or in an old trusted associate.
5. Old is Gold
While looking to build new partnerships during a recession is no sin, loyal customers are the assets you need to take care of the most. Recession is a time when you should look to satisfying the needs of your old customers. Much to your advantage, during a recession, customers are more likely to go to their old trusted vendors. Though making new customers in such times is a difficult job, sticking to loyal customers is much easier.
6. Stay Competitive
During a recession, it is important to study the market and deliver what your competitors are unable to. A possible blessing in disguise, a recession may sometimes provide an opportunity to get ahead of the competition. For example, when the technology bubble burst, many IT companies played on the pricing factor and took out a number of variants for their software. This helped them to regain lost ground and come out strong when the economy recovered.
7. Look Out for Growing Markets
A downturn in the economy marks a time to study the market closely and see what industries can grow faster. There are always some segments which outperform others, even in the worst economic scenarios. Marketing products directly or indirectly to these segments might help boost sales.
These seven marketing techniques are enough to bail you out and even help your company grow during a recession. Indeed, a recession might even provide one of the best times to review your place in the market and get ahead of the herd.
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The Fizzy Empire of Asa Griggs Candler
By Amit Agarwal
This article discusses Asa Griggs Candler and his fizzy drink Coca-Cola. The long odds faced by this man were not enough to stop him from making...
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Consumer Research: Rethinking Marketing Strategies
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Consumer Research: Rethinking Marketing Strategies
By Aarti Nayudu
Every company aspires to raise profits on a yearly basis. No matter what product a company manufactures or which services they provide, at the end of the day, they want a profit. To achieve noticeable results by the end of a fiscal year, however, a company has to invest wisely in its marketing strategies.
All those colorful advertisements splashed all over the place are definitely part of rigorous marketing by companies. Advertising is clearly one of the most successful and established strategies for marketing. As noted in an article by the consumer research company America’s Research Group, ''The secret of great marketers is not only knowing when to ‘hold’ and when to ‘fold,’ but when to revise successful marketing strategies.''
By getting regular feedback from customers, a company can keep track of changing consumer desires, and that in turn can help the company renovate their marketing strategies accordingly.
Companies cannot, however, rely solely on advertising — or on distributing flyers, or word of mouth, etc. — for successful returns. They have to supplement these strategies by gaining their customers’ confidence. One way of doing this is by conducting consumer research to see what customers have to say about a product or service. By doing so, a company can get to know what their customers really want.
By getting regular feedback from customers, a company can keep track of changing consumer desires, and that in turn can help the company renovate their marketing strategies accordingly. Trade associations are one place where one can find statistics on consumer research. As discussed in an article from Red Rover Marketing, consumer research includes insights into issues like consumer preferences, purchasing criteria, the amount customers are willing to pay for a certain item, the levels of satisfaction for a purchased item, and other factors that may be useful in planning marketing strategies.
Direct dialogues with customers can be one among many ways of doing consumer research. Not all companies, however, are willing to engage in direct dialogues with consumers as some firms perceive such dialogues to be risky. Despite the element of risk, though, direct dialogues can be very useful in gaining the consumer’s confidence, as such discussions reflect well on the human side of a company. Consumers like it when they know that companies are willing to talk to them about their products and services, and are willing to take customers’ concerns seriously.
Consumer research can also have a positive impact on sales. Consumer research conducted on the Woolmark label showed that 78 percent of respondents were willing to pay more for a washing machine that had a Woolmark approved cycle. Knowing your customers in such specific ways means that you can cater to their specific needs, and that in turn can increase sales for your company. Consumer research can clearly initiate insightful, consumer-based marketing.
Put simply, then, consumer research — that is, knowing what your costumer really wants — can be the key to successful marketing.
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Make Your Marketing Green!
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clipped by suzip Mar 04, 2008
eco-responsible factor feel-good green innovation Marketing productNotes by suzip: Green Marketing provides sense of Feel-Good Factor to the customers charging a premium on products in which products seems much Eco-Responsible.
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Make Your Marketing Green!
By Puja Mahendru Afuwale
A popular practice among marketers has been to offer more than customers are expecting in order to win them over. The extra benefits that a given product offers help customers make the final decision when they have to choose from among the many options available in the market. Of course, a benefit does not always have to be physical. It may be something as intangible as a feel-good factor that gives a sense of pride and satisfaction to customers.
There is, for example, a growing awareness among customers today about the need to protect the environment. Consequently, many consumers derive a sense of achievement from contributing towards this cause and are on the look out for words like “eco-friendly,” “organic,” “natural,” etc. that indicate that a product is socially responsible. Marketers are increasingly targeting such “green” customers by engaging them on an emotional level, and the concept of “green” marketing is fast becoming popular.
Marketers are increasingly targeting ''green'' customers by engaging them on an emotional level, and the concept of ''green'' marketing is fast becoming popular.
Green marketing offers environmental benefits to customers, and it is being used in almost every industry to drive sales and repeat purchases over time. Green marketing is about promoting products and services by meeting two objectives: satisfying customer needs and improving the environment.
Green marketing opens up room for innovation in terms of both product and societal improvements. By creating and offering products that have reduced impacts on the environment, marketers can exploit opportunities and enhance the overall marketability of their products.
Benefits and Pitfalls of Green Marketing
Green marketing offers a number of significant benefits:
- Marketers get access to new markets and gain an advantage over
competitors that are not advocating “greenness.”
- Marketers can charge a premium on products that are seen as
more eco-responsible.
- Organizations that adopt green marketing are perceived to be
more socially responsible.
- Green marketing builds brand equity and wins brand loyalty among customers.
- Most customers choose to satisfy their personal needs before
caring for the environment.
- Overemphasizing greenness rather than customer needs can prove
devastating for a product.
- Many customers keep away from products labeled “green” because they see such labeling as a marketing gimmick, and they may lose trust in an organization that suddenly claims to be green.
Tips on Green Marketing
- Judge your customers first. Find out whether they value the
concept of green products and are concerned about the issues your
product tries to address.
- Ensure that your customers derive a strong feeling of “making a
difference” from consuming your product.
- Make sure that you first satisfy the functional need of your
product and that you do it well. Otherwise, you can forget about
repeat purchases and new customers for your green product.
- Find out whether your customers are willing to pay a premium
for your products because they are green.
- Ensure that customers believe your claims that the product is environmentally friendly. Don’t exaggerate; be honest and transparent.
- A lack of awareness among customers about green products and
their benefits
- Lack of customer willingness to go out of the way to buy a
green product
- Unwillingness to pay a premium for a green product
- Difficulty in winning customer trust as to the greenness of the
organization
- Huge investments in R&D for product innovation
In other words, green marketing has arrived and is here to stay.
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Success Stories
Ray Kroc: The Man behind McDonald's
By Amit Agarwal
Founded in 1940 by two brothers, Dick and Mac McDonald, McDonald's Corporation, as it is known today, was later taken over by Ray Kroc. Kroc's vision and marketing expertise created one of the most...
Jobs Break Up
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- Marketers get access to new markets and gain an advantage over
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Hasbro . . . The Movie?
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Hasbro . . . The Movie?
By Akbar Ali
Confession: as a kid growing up in the late 80s and early 90s, I spent virtually every weekend morning planted firmly in front of the family room television set from dawn until noon, watching — nay, inhaling — with almost addict-like pleasure the parade of Saturday morning cartoons that gave me my weekly fill of intergalactic battles, falling anvils, and humanized animals saving the world from an endless line of evil witches, mummies, and Smurf-haters. In fact, I could even have told you what day and time it was depending on what was on TV. And much to the chagrin of my parents, who tried unsuccessfully to haul me and my sisters off to the library, swimming lessons, or (ugh) Sunday School, the grip of my cartoon comrades on my eight-year-old mind was simply too potent to be broken.
Any toy executives reading this admission must be rubbing their hands together in glee, because, as it turns out, mindless entertainment was not the primary aim of this ''golden age'' of cartoons. It was, rather, commercials — lots of commercials — selling everything from plush toys to video games to breakfast cereals bearing the likenesses of our favorite colorful, comic characters. Indeed, even Rainbow Brite had her own cereal during the promotional run of her first — and last — feature film in 1985.
Last summer's Transformers (based on the popular 80s Hasbro franchise) has grossed over 0 million to date and was executive produced by Steven Spielberg.
An old adage tells us that everything old is ''new'' again at some point, and the toy industry has realized this with dollar signs in its new alliance with several major Hollywood studios which are busy developing toy franchises into full-fledged feature films. In a new twist on the marketing ploy which used television shows and movies for the express purpose of selling toys, the marketing dynamic has flipped so that popular toy brands are now being developed for mass consumption in a variety of media, including film, television, and webisodes.
Leading Hollywood talent agency Creative Artists Agency recently signed with the world’s top toy producer, Mattel, to develop some of Mattel’s well-known franchises (which include Barbie, Hot Wheels, and Dora the Explorer) into media entertainment. Other toy producers are expected to follow suit, taking note of the massive international success of last summer’s Transformers (based on the popular 80s Hasbro franchise), which has grossed over $700 million to date and was executive produced by Steven Spielberg. A sequel is already in the works and is being developed for a June 2009 release.
Currently, Hasbro has taken the lead among toy companies in cashing in on the popularity of toy lines through feature films and DVD sales. Many of its popular toy lines in the 1980s have reemerged onto the market for a new generation of young consumers, many of whose parents played with the original product lines. In addition to Transformers, Strawberry Shortcake, Care Bears, and My Little Pony have all been successful in their new incarnations, spawning computer-animated DVD specials, new animated series, and of course several highly lucrative series of plastic and plush toys.
Certain products may seem less suited for development deals than others: the Magic 8 Ball, for example, is difficult to imagine as a movie hero. But expansion of a brand through other mediums is widely acknowledged as pivotal in the quest to stay relevant and dominant in the toy market. This concept was a major theme at this year’s Toy Fair ’08, which ran from February 17 to 20 in New York City, and where an estimated 1,200 exhibitors and 7,000 new products were present.
Toy sales have essentially peaked in recent years at around the $20 billion mark, and company executives are constantly in search of new ways to lift the bottom line. Increasingly, media and technology are seen as the best guarantors of future success. Current trends certainly say as much: while toy sales have essentially plateaued, sales of video games have increased by rates which astonish even avid industry watchers, increasing by as much as 40% in 2007, which translates into a record of almost $19 billion in sales for the year, just below the total figure of traditional toy sales.
The move into film and gaming technology for companies like Hasbro and Mattel also provides an invaluable opportunity for the companies to expand their bases of consumers. Adults make up far larger shares of the film-going audience than do children and are increasingly more likely to participate in the ''gaming culture'' traditionally identified with teenagers. A recent survey of shoppers during the holiday season found that the average age of gamers is steadily rising, with a full one-quarter of video game enthusiasts now being over the age of 50. In 1999, the industry estimated that gamers over age 50 made up less than 10 percent of the total gaming population.
Whatever the ultimate configuration between toy companies, film studios, and consumers, the intent from the production end will be the same as it was back in the 80s: to sell, resell, and sell some more. So the next time you’re sitting in the theater watching 20 minutes of ''coming attractions,'' don’t be surprised if you find that most are promising to take you back in time.
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The Tricky Trade of Multicultural Marketing
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clipped by suzip Feb 21, 2008
audience ethnic Marketing multicultural segments targetNotes by suzip: Multicultural Marketing is targeting Ethnic Segments which directly hits the Target Audience by finalizing your marketing program.
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The Tricky Trade of Multicultural Marketing
By Puja Mahendru Afuwale
You may have come across every marketer's foremost and favorite marketing tip: ''Get into the shoes of your customer first, and then sell to him.'' This advice has worked wonders for marketers who have implemented it by becoming members of their target audience. It is important for an organization to speak to its customers directly in order to sell their products or services to them successfully.
And now, a new wrinkle can be added to that old advice. With customers increasingly coming from a wider and wider variety of countries and cultures, the time for multicultural marketing has truly arrived! Marketers know that they ignore these new potential customers at their own peril. No longer can they afford to ignore the surging numbers and buying power of these cultures. Mass marketing is gradually being replaced with multicultural marketing efforts to focus on these highly lucrative and diverse groups.
Multicultural marketing is about targeting various ethnic segments and speaking their cultural languages.
Multicultural marketing is about targeting various ethnic segments and speaking their cultural languages. Simply translating your advertisements into a local language or packaging your products showing faces from the ethnic population is not enough. Understanding the cultural nuances and customer preferences and integrating them into your communication is what is truly required for successful multicultural marketing campaigns.
In fact, multicultural marketing can help organizations stand out in competitive and niche markets, helping them to develop “one-to-one” rapports with minority ethnic groups.
The concept of multicultural marketing has, however, been slow to take off. Here are a few reasons why:
- Lack of knowledge of other cultures amongst marketers and a
back-of-the-mind apprehension towards dealing with unfamiliar
cultures
- Fear of losing existing customers who may look elsewhere once
the organization shifts its marketing focus to other groups
- Assuming that the same sort of communication does the job with
ethnic customers also
- Lack of interest on the part of an organization to include
other groups in order to expand its consumer base, which may occur
because it doesn’t see a sizeable market for the other
groups
How Does One Become a Successful Multicultural Marketer?
- Use the right language and the right cultural perspective for
reaching your audience.
- Understand your consumers’ mindset adequately to understand
what motivates them.
- Find out the marketing media most accessible to them before
finalizing your marketing program.
- Respect your customers’ culture and analyze the results of using images, language, jargon, or slang before employing them in a market. What clicks with one consumer group may have the opposite impact on another group. Pre-test your marketing initiatives before going all out with them in the market.
- Collect adequate information about your customer group to
communicate with individuals in the group on a personal level to
make your messages more effective. Conduct local background checks
before talking to a customer group. Surveys can be very valuable in
creating and analyzing your marketing efforts.
- Most importantly, live the life of your customers before
marketing to them.
An IDC report predicted that more than one billion people had gotten access to the Internet by the end of 2007. Thus, the Internet can be an extremely effective tool for reaching your customers in any part of the world.
Your career as a multicultural marketer can earn you a name and fame if you keep the following tips in mind while you target your customers through web media:
- Use websites in multiple languages to reach multiple groups of
customers from different cultures.
- Customize images and content used in the websites for each
target group.
- Preserving your brand is important. To ensure that you do so,
make sure you give the same look, color, and feel to each page on
your website.
- The site should be user-friendly, and customers should find it
easy to navigate through. Ensure that the web pages load quickly or
else your customers will move on to some other site.
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- Lack of knowledge of other cultures amongst marketers and a
back-of-the-mind apprehension towards dealing with unfamiliar
cultures
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School Bus Marketing Raises Concerns about Ad Creep
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Ad Bus Creep Marketing SCDOE SchoolNotes by suzip: Ad Creep has became major concern due to School Bus Marketing & the decision given by SCDOE has resulted in reversal roles.
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School Bus Marketing Raises Concerns about Ad Creep
By Anique Gonzalez
As marketing and advertising become more pervasive in consumers' everyday lives, ad creep becomes a growing concern. Questions about what is appropriate, what is too invasive, and what tactics are too coercive are frequently asked. And, especially when it begins to enter into schools, ad creep often results in parents protesting in defiance. Nonetheless, a recent decision by the South Carolina Department of Education (SCDOE) has resulted in a reversal of roles. Instead of corporations trying to gain entrance into schools, the department’s board is openly inviting them in.
In an attempt to boost their bottom line, the department agreed to terms with contractor SAC to include an 11-inch strip of advertising on the inside of participating school buses. This is expected to generate $2,100 per month, per bus. Interestingly, this development comes on the heels of a school-centered marketing campaign developed by McDonald’s that placed their logo on Seminole County, Florida, students’ report cards. After much outrage McDonald’s recently announced that their logo would be removed.
In an attempt to boost their bottom line, the South Carolina Department of Education agreed to terms with contractor SAC to include an 11-inch strip of advertising on the inside of participating school buses.
This has not only raised ethical questions about whether or not marketers should specifically target children in nontraditional mediums, but it also raises the question of whether or not this type of advertising in general should be expanded or stopped altogether. Many marketers argue that as the market becomes more saturated with ads, they are forced to employ novel and sometimes risky techniques to connect with consumers — tactics, in other words, that may result in ad creep.
Recent examples of these out-of-the-box and sometimes outlandish approaches have included the recent A&E campaign that culminated in a billboard being placed in SoHo in New York that transmitted sounds that included someone saying, “Who’s there? Who’s there?. . .It’s not your imagination” to pedestrians. The campaign was promoting a new show on the cable network entitled Paranormal State.
Another disputed campaign — this one initiated by the California Milk Processing Board — culminated in the group putting up a bus shelter that smelled like cookies. The city of San Francisco soon forced them to take it down. Microsoft has also taken part in such campaigns, creating grocery carts that are mounted with consoles that play advertisements which promote selected items being sold in the given store.
Ultimately, it is a thin line that all marketers must walk. If they succeed with these tactics, they will gain the interest, attention, and (hopefully) loyalty of consumers. If they fail, though, the result could be that consumers turn against them and their brands. Despite this risk, however, such marketing campaigns are a booming business. For instance, outdoor advertising generated $7 billion last year alone.
Still, how individuals, and parents in particular, will react to the SCDOE’s actions remains to be seen. And while the board members understand this uncertainty, and were themselves somewhat hesitant to take such a massive step into unknown territory, they are vowing to continue on with their plans.
“I never thought [advertising inside school buses] was a good idea to start with,” said Donald Tudor, South Carolina’s DOE School Transportation Director, “but when you run a state program and districts request this be set in motion, you do it so they can make a choice. Ultimately, I couldn’t think of a good reason why they shouldn’t have the option.”
It should be noted that the SAC has said that all the ads it produces will be age-appropriate and promote a healthy, productive lifestyle. Moreover, before any ads are placed in the buses, they must first be approved by district personnel.
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Ray Kroc: The Man behind McDonald's
By Amit Agarwal
Founded in 1940 by two brothers, Dick and Mac McDonald, McDonald's Corporation, as it is known today, was later taken over by Ray Kroc. Kroc's vision and marketing expertise created one of the most...
Jobs Break Up
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