Trying to keep a brand in a desired position in the market is not easy. Brands’ environments are changing all the time, and sometimes it is difficult to see the changes until it is too late. Getting a good brand position in the market takes a lot of time. Sadly, once a well-positioned brand can even lose its advantage in a much shorter period of time for several reasons:
1-Appearance of new competitors that move the brand into the customers’ imagination,
2-Promotions or advertisements that don’t have the right approach,
3-Promotions or advertisements from other competitors,
4-Changes in user tastes,
5-Appearance of a new category of products, and
6-Change of prices, of course!
7-Price is an essential part of brands
Price is one of the main factors of communication that a brand has. Think about low-cost businesses. In them, pricing is their main identification aspect. Something similar happens to luxury brands. They can’t be cheap if they want to be taken seriously.
Brands that are not luxury or low-cost are not different in this area. One way or another, all brands are based on a value that differentiates them from the competitors. This value can be an excellent client support service, a stunning design, a brand philosophy that engages their customers, or many other factors. But in absolutely all its versions the key is to convince users to believe that the price is well worth the value.
If this happens, you can sell a pullover at a two, three or more times greater price just by stamping a brand logo on it. It is not just the pullover, but the value the brand gives to it.
Price as a positioning factor
When you are managing a brand, you need to be aware of your pricing position. If your communication strategy is not aligned with your pricing strategy, you only have two options:
Change the communication strategy
Change the pricing strategy
But it doesn’t make sense to try to communicate something with marketing than the idea you are achieving with pricing. Remember that now, with the Internet, customers are much better informed than before, when one just use to know only the prices of two or three stores.
Almost all your customers will research for pricing before purchasing. When they do, if the image you created with your marketing efforts does not relate to the price they see, they will be confused.
If your prices are too expensive, they will think you are cheating them. If your prices are too low, they will think there is something wrong with your products, and they won’t trust you.
So being aware of your price position versus your competitors in the market is mandatory.
Pricing as a marketing weapon
Even if you are a leader in the market, you have to adapt your prices to your market. Imagine that you traditionally had been pricing high and suddenly all your competitors raised their prices. If you keep your prices the same, the message could be that you are losing your leadership.
If you are not a leader, this need is more obvious.
As most businesses are not leaders in a market, they have to use offers and promotions to grab buyers’ attention. With Prisync you will know when your competitors are changing their prices, when they are offering promotions, and when they are out of stock.
This will let you create a plan to adapt your brand to the market. For instance, you will be able to offer the cheapest price with this very often-used slogan of “if you find it cheaper, we will match the price.” It may not be original, but it is powerful.
Prisync helps you to know your market better. Besides, thanks to the option of creating graphics, you will be able to analyze the pricing evolution in the long-term. Believe me, seeing a clear graphic showing price variations is not the same as just seeing just a big row of historical numbers.
Having access to such graphics will give you an overall view of what is happening in the market. Are the prices varying seasonally? Or are they perhaps getting lower and lower every year? The information allows you to identify repeated behaviors and make accurate decisions before they happen.
For the nominal investment of $49 per month, you will save hundreds of work hours looking for prices in various websites. Your database will be updated 4 times a day and you will be able to invest that time in making the right decisions, with the advantage of having an objective idea about the market.
Stop guessing what is happening out there, and start making it happen.