4 ways marketing can help with pricing

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Marketing, and in particular the team responsible for creating and sending messages to your customers, has a wealth of data that can help your product team make the best promotional pricing decisions.

What can you do as a modern marketer to help your product team promote?

Let’s see!

1. What are your current offers and prices?

A baseline of your messaging program’s content can be obtained by conducting an email content audit. Assemble all of your messages: newsletters, promotional, transactional, and so on. Review recent and current offers and pricing promotions, and how they have resonated with your audience.

Your marketing team should also consider the time of day, the day of the week, and the subject lines that perform best with your audience. Minor tweaks to any of these areas can have a big impact.

2. Recognize the competition

Along with assessing your own messaging, know what your competitors are doing. A competitive landscape scan can be as simple as gathering secret shopper data using a dummy inbox, or as detailed as using data sources like mailcharts.

What messages do your top competitors send, and how often? How often do those messages offer discounts, and how much do they offer? What if they don’t offer any discounts? How does that compare to your activities? Looking at the past 90 days of messaging activity is a good reference point, but be open to looking at older relevant data points if applicable.

3. What does your team like?

Once you have a better understanding of your competition’s messaging strategy as it pertains to offers and pricing promotions and compared it to your own messaging strategy and cadence, now is the time to have a brainstorming session with your whole marketing team about the creative side. Take a look at the creative elements of your messages and those of your competitors, and acknowledge what stands out to your team about each of the brands.

If so, do your top competitors? Is your call to action (CTA) above or below the fold? Does the message include offers that add value to the quality of life of the recipient? Are they using provocative subject lines? Are you using ones that have been falling flat? Keep in mind an offer doesn’t necessarily have to hold a monetary value to your customer. Phone apps, web services and useful relevant content can all be viewed as offers as they are features that positively impact the lives of your customers.

4. Testing

With a deeper understanding of what has been working for you (and what hasn’t), as well as a competitive analysis of what you like about what your customers are doing, it’s time to start testing. Testing is a great way to figure out what works best for your organization. There are many costs to consider when deciding on a reasonable discount to offer, and some companies rarely offer any.

What pricing discounts and offers do you currently (or recently) offer? How much can you discount? Maybe you’re used to offering 30% off, but have you tried 25% or 35% off? Examine the average cart size to see how these small changes affect your campaign’s success and your bottom line.

Proactive marketing

Since you know what you want to achieve with your messaging program, it’s time to think about strategy and areas you want to focus on.

Inform your product team of your ideas. Make suggestions based on reliable data. Wouldn’t it be great to run promotions for a specific segment of your audience when a client is at risk of leaving?

When presenting your ideas to your product team, consider both the positive and negative aspects. Promoting new subscribers is great, but how will it affect existing customers? With offers and pricing promotions, how can you effectively engage your audience without negatively impacting your bottom line?

Verdict

As a modern marketer, proactively showcasing opportunities to your product team will further establish your value to them and the organization.

More people involved in the promotional pricing process means more people exposed to your marketing team’s deep understanding of buyer persona profiles and the features and price points that appeal to your customers. As a result, you will have a more engaged audience.

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