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Marketing Prices
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clipped by suzip Apr 07, 2008
communication hikes market Marketing packaged price prices segmentsNotes by suzip: Prices play effective role in Marketing in which Packaged Communication for price hikes affect Market Segments.
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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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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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