With education and increased standard of living, customers (particularly those in developed nations) are becoming more shrewd as compared to a decade or two ago; they know why certain products are priced a certain way and they will seek other means for a cheaper buy if a brand doesn’t offer them at a value that they deem worthy; they know the reasons behind a certain activity or campaign undertaken by a brand.
“Pricing is the language that buyers and sellers use to discover share value opportunities”
There are 5 principles that can help a brand create share value with customers and win their loyalty.
- Focus on relationships
- Be proactive
- Be flexible
- Be transparent
- Understand market standards