A Tale of Two Printers' Pricing
Of these two printers, which do you think benefited more from its 90-day price branding? Was one approach superior to the other?
Printer #1 positioned how it wanted to be perceived by its target audience. Price was a factor, but not the primary factor, so its brand value was maintained and the company achieved new sales. Because the specifics had been worked out in the beginning, the promotion attracted high-quality projects and that led to high-quality work. This provided the printer with additional opportunities to promote its services using actual recent work—and that led to even more work!
Printer #2, on the other hand, created panic inside the company and among its clients. The company painted a picture of a print shop that desperately needed more printing and devalued its brand in the process.
The bottom line is your price is a major way your customers place a value on your company. If you use price as a brand strategy, you risk lowering your brand’s value among your prospects and your customers—and that is a problem. There is a joke that goes, "What we lose on individual projects, we’ll make up in volume!" Unfortunately, that never works.
Tom Wants to Hear Your Branding Issues:
If you are a printing company, or product/services company serving the industry, and would like to be considered for a feature in this blog, please contact Tom Marin for an interview.
Follow MarketCues on Twitter for branding and social media tips, as well as the latest trends. Tom also welcomes emails, new LinkedIn connections, calls to (407) 330.7708 or visit www.marketcues.com. How can he help solve your branding issues?
Tom Marin is the Founder and President of MarketCues, Inc., a national consulting firm. He has worked for some of the world’s largest corporations and middle-market firms. Tom’s focus is to help CEOs drive their strategy shifts and strategic growth programs. Follow MarketCues on Twitter. Tom also welcomes emails new LinkedIn connections or calls to (919) 908-6145.