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How can promotional pricing increase your brand awareness?

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Promotional pricing is a strategy that involves temporarily reducing the price of a product or service to attract more customers and boost sales. It can also help you increase your brand awareness, which is the extent to which potential and existing customers recognize and recall your brand. In this article, you will learn how promotional pricing can benefit your brand awareness and what factors you need to consider before implementing it.

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1 The benefits of promotional pricing for brand awareness

Promotional pricing can help you increase your brand awareness in several ways. First, it can generate more word-of-mouth and social media buzz, as customers are more likely to share their positive experiences and recommend your brand to others. Second, it can attract new customers who are curious about your offer and may become loyal fans. Third, it can enhance your brand image and reputation, as customers perceive your brand as generous, responsive, and competitive. Fourth, it can stimulate repeat purchases and referrals, as customers are more likely to remember your brand and come back for more.

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Marcelo Calzabara

Autor del libro: Manifiesto ?Somos personas! Relaciones para el bienestar ? Comunicador ? Escritor ? Columnista de radio ?
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Una palabra clave: atraer. Poder hacerlo, como en este caso con una estrategia de promoción, es uno de los beneficios, porque suele ser el gancho para que mediante ese producto en promoción haya un conocimiento global de la marca, para nuevos clientes, o potenciales, que en el futuro podrían comprar éstos y otros productos, con lo que se estaría ampliando la cartera.

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2 The types of promotional pricing

Promotional pricing can be used to increase brand awareness, depending on your goals, target market, and competitors. Discount pricing involves offering a percentage or a fixed amount off the regular price. Loss leader pricing is when you sell a product or service at a very low or below-cost price. Bundle pricing involves selling two or more products or services together at a lower price than if they were sold separately. Flash sale pricing is a limited-time deal that creates urgency and exclusivity. All of these types of promotional pricing can help you reach your desired goals.

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3 The challenges of promotional pricing

Promotional pricing can have some drawbacks that you need to be aware of and avoid, such as creating a price-sensitive customer base that only purchases from you when discounts are offered. This can erode your profit margins and brand value. Additionally, customers may become confused or disappointed if promotional pricing is used inconsistently or unpredictably, which can damage customer satisfaction and loyalty. Aggressive or undifferentiated promotional pricing may also prompt competitors to match or undercut your prices, leading to a reduction in market share and brand differentiation.

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Zbigniew Janik

Pharmaceutical Market & Brand Analyses - Growth Strategies - Launch Plans - Outlicensing - Pharma Distributor Search - M&A's - Market Research
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There is another factor worth mentioning when we're discussing the key challenges of promotional pricing. The factor is "own label" brands which are visible across the board, from washing powder to pasta to medicine categories. The growing presence of own labels (which are usually cheaper than branded market leaders) makes promotional pricing an even more difficult task.

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Marcelo Calzabara

Autor del libro: Manifiesto ?Somos personas! Relaciones para el bienestar ? Comunicador ? Escritor ? Columnista de radio ?
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Uno de los desafíos a tener presente, dependiendo de cómo se lleve a cabo la estrategia, es la desconfianza que puede producir en los clientes, si no se especifica bien el porqué de la promoción. Recordemos que la confianza es el valor que cotiza más alto. Y también, que se tarda mucho en construirla, pero se puede destruir en un minuto.

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4 The best practices of promotional pricing

To make the most of promotional pricing and increase your brand awareness, you should follow some best practices. Before launching a promotional pricing campaign, you need to define your objectives and understand who your target customers are. Knowing your audience will help you tailor your offer, message, and channel to their needs. Additionally, you should monitor your performance to measure the impact of your promotional pricing on key metrics such as traffic, conversions, revenue, and retention. This will help you evaluate the effectiveness of your promotion and make adjustments if needed.

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5 The examples of promotional pricing

To inspire you, here are some examples of how successful brands have used promotional pricing to increase their brand awareness and achieve their goals. Starbucks offers a happy hour promotion every Thursday, where customers can get a buy-one-get-one-free deal on select beverages. This helps the coffee giant increase its foot traffic, reward its loyal customers, and introduce its new products. Netflix provides a free trial for a month, where customers can access its entire catalog of movies and shows. This helps the streaming service attract new customers, showcase its content quality and variety, and encourage subscriptions. IKEA offers a family loyalty program, where members can get exclusive discounts, free coffee, and other perks. This helps the furniture retailer build a long-term relationship with its customers, enhance its brand image, and increase its repeat purchases.

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Marcelo Calzabara

Autor del libro: Manifiesto ?Somos personas! Relaciones para el bienestar ? Comunicador ? Escritor ? Columnista de radio ?
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Poder tomar ejemplos exitosos de otras empresas y adaptarlos para que encajen con la identidad y la cultura de nuestra organización (no copiar), podría ser un disparador para crear estrategias y tácticas para diferenciarnos, e incluso agregar valor conforme a nuestro público.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can promotional pricing increase your brand awareness?

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1 The benefits of promotional pricing for brand awareness

2 The types of promotional pricing

3 The challenges of promotional pricing

4 The best practices of promotional pricing

5 The examples of promotional pricing

6 Here’s what else to consider

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