The Key Pros and Cons of Pricing Psychology
In this complicated economy we are currently in, within the fierce competition contains intense pricing battles, battles that often involve the use of strategic planning and of a particular pricing strategy – e.g. psychological pricing.
All pricing strategies come with advantages and disadvantages, likewise nothing is perfect. Described below will be some of the major pros and cons of utilizing psychological pricing.
Let’s begin with the cons first, shall we? Consider the meaning behind psychological pricing, it aims to play “tricks” on the minds of human beings, to trick us into believing something which is not equivalent to its true self. The single word is perception.
By exploiting psychology, marketers are creating a different perception of something to us, therefore what we think it is, is what we believe. The downside of this is… as a typical consumer who may possibly fall for this pricing strategy, may no sooner realize they were tricked, and so, they will not re-purchase that particular deal anymore.
What can be learned from this is that all pricing strategies must be planned carefully to prevent crossing the line that may cause side-effects.
Another downside of using the concept of psychological pricing is that you are not alone, you are simply not the first one to use this tactic in the economy. The fact is when everyone else in your competition is using the same trick you are, it’s basically communism. The trick will be degraded because the majority is doing the exact same thing.
From this, understand that you must stand out from the crowd and crave up some originality in your pricing campaigns, be unique.
Everything in the world has downsides and upsides. Not only is utilizing a pricing strategy obviously going to increase your sales and bring in more profits, it has several other key pros.
Ever frustrated at the unexpected results of a plan? Any plan? In fact, no plans in the world are error-free, and all plan executors are often worried about the possible outcomes and unfavorable side-effects. However, in the psychology of pricing, minimal attention is required, as such pricing tactics are all targeting human beings, and I suppose human beings are the only buyers in the world?
Having said that, there’s certainly no area for failure in terms of using psychology in pricing, but just the effectiveness and the positive results you are getting that need serious efforts and work put into, in other words, the amount of work determines your rewards. Nonetheless, split-testing is the best option.
10 Ways to Market Your PR Firm
Do you operate a public relations (PR) firm that needs more marketing, visibility, and customers? Internet marketing is one way to go, but not the only way and depending on the target profile or your audience, not always the most effective. There are also the commonly known business tools of business cards and brochures. But you still have to get people to know about you and keep you on the top of their mind when thinking of a PR firm. Here are 7 offline ways to market your PR firm for visibility and success.
1. Seek visibility. The first thing a PR firm would advice a client to do is be visible. Doesn’t it make sense that you do the same? Clients shouldn’t have to search for you but be able to quickly find you through your good PR marketing efforts. Hone up on your small talk skills and get out into the public with your business cards. Be accessible and available to join into conversations where others are discussing the need to market and promote what they do. Develop personal relationships with movers and shakers in the community who can refer your firm for business opportunities.
2. Get on the Podium. Public speaking is still the best way to earn the designation as expert in your field. YJust as you prepare clients to get speaking dates, you need to do the same. You can find loads of topics to share with any organization that allows you to speak as everyone needs tips on how to promote what they do. Set up regular speaking engagements and make the podium your marketing friend.
3. Share your voice. This doesn’t mean just give your opinion on things; it means let people hear your voice by being on media outlets like popular radio shows. Pay attention to radio shows that present issues you can talk about. Then show how versatile and interesting you are by being a guest on the show. Be the spokesperson for the local charity event you are working or jump into a conversation on a controversial issue. Your name and contact information will usually be mentioned giving publicity to your firm.
4. Write a book. The high stressed world of business means more people are looking for a compact way to get information. Set aside time to put your thoughts and expertise into a self-published book. It’s fast and easy to do with a print-on-demand publishing company. Then you have books ready to hand out at public events, speaking engagements and client meetings. You can also sell the book and create a potential income stream. A PR firm that authors a book will stand out from the crowd of firms that don’t.
5. Create an information product. This form of content is more extensive and can include your book along with worksheets, checklists, transcripts of calls, or other detailed information. You don’t even have to produce an extensive product in a print format anymore. Put the whole package on a jump drive that can easily upload the information to any computer. This is one sleeker way of marketing an information product.
6. Be the Agency of Choice. Business partnerships create great ways to extend you marketing reach. Connect with businesses in your preferred niche group and offer to be their public relations agency of choice. Go so far as to create a joint marketing ad or brochure that connects you in the eyes of the public. This could greatly increase your exposure to an unduplicated audience of potential new clients.
7. Get Creative. You know all of those creative activities you advice your clients to engage in? Well, try doing those yourself. PR firms tell clients to get their names on little leagues shirts or donate to nonprofit fundraising events. You can do the same thing to get your name into the community. Do the public relations campaign for a highly-visible non-profit event in exchange for a byline on the program and mention in all publicity and marketing materials.
8. Connect with Board Members. Speaking of non-profits, have you designed a promotional package to send to the Board of Directors of the non-profits in your area? Many members of Boards are local business people or professionals who volunteer their time to help a good cause. Design special rates and service packages for the non-profit community and launch an aggressive campaign to connect with as many of them as feasible for your firm.
9. Pick Up on Opportunities. When is the last time you heard about an event after it was over? Missing events because of a lack of marketing and publicity is a high cost issue for organizers. If you can help organizations cut through the mass of communications noise and get their message to their target audience, you will peek the interest of potential clients. Contact event organizers even after the event to propose how you could do a better job at increasing attendance through your promotional activities.
10. Put on an Event. Don’t wait for someone else to put on an event; create one and implement it yourself. You can get a lot mileage by developing an event of interest that promotes your business while bringing attention to others. Honor the centurions in the city, select a “Woman of the Year”, or create a scholarship event for kids going to college. This could start small and grow into the best attended annual event in the area. It wouldn’t hurt to find a well-known speaker to draw an audience and be sure to serve great food.
As you put on your thinking cap, you can develop many ways to market your PR firm offline. Use some of the creativity you share with clients to help your own firm gain visibility. This article shared some basic ideas along with a few out-of-the box ways to market your PR firm that will work for your success.