Companies may spend a lot of money on making and building a brand. This, they think, is just a reflection of who they’re and what they do. The smart types also consider their model along with their value positioning. Let’s get Tesco as a leading example. What could be simpler? Their brand is nothing flamboyant. And add to the their band line “every small assists and what you get is a obvious message that Tesco don’t waste money on expensive brand styles and that they are price conscious, placing themselves at the reduced end of the pricing range. Sainsbury’s, Waitrose, Selfridges they’re not.
Yet another example would be Poundstretcher. It’s in the name, it’s in the logo. It’s in the tie line. Advertising and Value placing entwined – “every penny counts” ;.No glitz, no glamour, unlike state, Gucci or Farrow and Baseball, all whose models smack of superiority and ergo large prices. Often picture can be everything.So when you are planning your company technique start off by preparing wherever, price-wise, you intend to put your business. Take into consideration these:
You are able to discount a top cost but it’s very difficult to discount an already minimal one.You could add value to improve a price – no frills airlines are great at this.Can you sell size in the event that you provide a good deal? You would have to be able to.Do you want to sell quantity? Consider manufacturing, storage and distribution. costs. More item needs more room and more www.321flowers.co.uk regular delivery.Do you’ve a quality product? Thus may use a ‘premium’ value.Do you have large costs and/or overheads?You can have an ‘introductory’ value present – then raise rates once you’ve your client ‘hooked’.You may have periodic sales – when you yourself have the margin.Is your solution perishable – high value when ‘fresh’, decrease when not? Bakeries, rose stores and supermarkets have that consideration
Is the solution seasonal and may order larger prices when ‘in season’? Fireworks, Outdoor Furniture, Seasonal Clothing, Easter Eggs, Christmas Gifts are examples of this.
If you have ensures your pricing strategy you can now mould a brandname and build a graphic around their positioning.If you’ve a cheap solution then you must have an easy but nevertheless however efficient brand. When you have something that’s good price then your picture needs to reveal this – as we’ve seen in the examples above.Do your research. Shop around at the type of picture and model your opponents produce. Take a peek also at other organizations that are related in how they position themselves price-wise in the market place.
A word from the wise. Don’t be fooled in to thinking that by paying the ‘large bucks’ on a brandname for your business that you will be guaranteed in full immediate model recognition overnight. Good names take a great while to develop. Usually a cheaper image could be in the same way effective. It’s initially all about your intentions and you’ll need to begin on the right journey from the beginning. You certainly don’t desire to confuse the buyer by suddenly changing strategies from being a ‘inexpensive brand’ to an ‘distinctive one’, or vice-versa.