Too often, bar codes or abbreviated key codes appear on shelf prices. While it may be the number of record for internal inventory control, that information may be frustrating for the customer to decipher and figure out.
When communicating pricing information, be sure to simplify. State what is critical to know, but steer clear of overwhelming consumers with every minute detail. Speak in the consumer’s language.
Often times in an effort to update all channels when price changes are made, we forget one of our most valuable resources: our employees. The team directly responsible for selling either by phone or in-person is often the last to know of price changes. Not only do they need to be informed, but they need the right message points as well, which brings us to the importance of “marketing” the pricing.
Small soft drinks or soda run about $1.35 while lemonade is 20 cents higher. Why? Because it is fresh-squeezed lemonade and Chick-fil-A makes sure you know that. Or RedHead socks. They come with a lifetime guarantee. If your socks ever wear out, they are replaced for free and RedHead knows that’s an unusual promise for socks. Still not a convert on the power of story? Check out Rob Walker’s anthropological experiment on the SignificantObjects website.
Compelling value messages are real. When shopping for cookware on the Williams-Sonomawebsite, I ran across a cookware set from Calphalon – a 10” fry pan and 3 quart saucepan. The“suggested” price (completely meaningless without reference on where the suggestion originated) was $375.00 while “Our price” was $99.95. What would have been much more useful – and compelling – was the true “savings” I had to discover on my own. The fry pan standalone was $89.95 and the same saucepan if purchased separately was $99.95.Williams-Sonoma failed to grab my attention with “Buy a three quart saucepan and get a 10” frypan for free” or “Save over 45% with the purchase of both a fry pan and saucepan”.
Communicate your prices in a clear, consistent, and compelling way. Consumers are time-starved and overwhelmed with options. The more you can do to facilitate the path to purchase, the better.