If you think pricing is an insignificant part of your messaging, you should think again. Pricing is a marketing tool, not simply a way to get money. And while marketing may change your pricing, the opposite is also true – pricing should change your marketing.
Stories That Sell
In any sales transaction, countless stories are being told, including the stories we tell ourselves and the image we convey to those around us.
The exorbitant price of a brand name basketball shoe communicates an obvious story to the people who see you wearing it. And the rock bottom pricing at a clearance closeout tells your internal budget coach a story about what a fool you’d be to overlook this sale!
As a marketer, price determines what your business stands for, who you’re designing for, and the story you tell customers. How might that play out? Here’s a practical example.
Consider a baker who wants to adjust prices and m…