My Pricing Isn't Competitive, But I Don’t Want To Devalue My Brand
When a competitor cuts their prices, a brand’s knee-jerk reaction is to do the same. However, just because your prices are not as low as competitors, does not mean they’re too high. Lowering your prices to stay competitive can be detrimental to a brand’s image.
Consider why you are pricing higher. Value and competitive advantage should be determined. This does not refer exclusively to price, but to the added value your product or brand has over competitors. For example, if your product or brand was one of the first in the market, you have the competitive advantage of being an innovator. Or if your product is handmade by local artisans, you have the advantage of authenticity.
Once you have established the unique value of your product and brand, you can use this to differentiate yourself across various platforms.
Video marketing is a highly visible platform for showing a product to an audience. Videos are a versatile way to create shareable content that features attractive aspects of your brand or products. Everything from the content to the set and video quality can contribute to high value imagery.
Videos communicate your brand’s value and product benefits while increasing engagement. Studies show that four times as many people prefer to watch a video rather than reading about a product.
Video evokes feelings of trust and builds confidence by showing your consumers the product or behind-the-scenes views of the company.
One way for a brand to demonstrate their value is by creating high value content.
There are multiple areas of content to be enriched including on-page text, video, and images. All of these pieces work together to communicate your brand identity. High-quality images and relevant, useful content reflects the prestige and value of your brand and its offerings to consumers.
Differentiating your brand with quality content involves strategy to create a cohesive experience from product descriptions to landing pages, images, and captions. When the content is developed with a consistent, unique message, consumers can recognize the meaningful difference against competitors.
These are all avenues that can be enriched to demonstrate the value of both a product and a brand. Many consumers do not shop strictly for price and will see the benefits of purchasing from a credible brand. The added value created through the above mediums differentiates your brand and off sets the price premium over low-priced competitors in the marketplace.
It may be a quick and easy to change prices in the marketplace, but unless you are prepared to continually cut costs and lower prices to meet competitors - it is not a sustainable advantage. Instead, take the time to develop credibility and value for your offering to justify the premium and increase brand loyalty.
Whether it’s organic search, paid search, or a referral, the website is almost always on the consumer’s path. It’s an essential touch point to demonstrate value through modern design with an excellent user experience.
If a website is slow to load, the landing page experience does not meet expectations, or links are broken, consumers are likely to abandon the site and likely have a lower perception of brand value. A quality, mobile-responsive website encourages visitors to spend more time on site.
With the goal being more time spent on site, not only are the aesthetics important, but the organization of website is crucial. It should be easy for consumers to navigate to content that you as a brand want them to see.
Consumers of all ages spend a significant portion of each day interacting with and consuming social media. It is a platform that allows brands to communicate with the consumers on a more personal level.
Facebook, Twitter and Pinterest have all proven worthwhile for increasing referral traffic, user engagement and conversions. With over 1.2 billion users on Facebook alone, social media marketing is hard to ignore. A low barrier-to-entry makes social media an invaluable medium for brands to reach consumers and gain insight.
By being present and creating a consistent online presence with high quality content and imagery, brands can establish value. In addition to posting from the brand, social media also serves as a platform for consumers to post their own influential opinions and have discussions.
The social proof of seeing people discussing the benefits of the brand increases the credibility and perceived value. Social proof includes testimonials, endorsements, ratings, reviews, badges, social shares, and more. When consumers see that others are enjoying and appreciating the benefit of your product or brand, they are more likely to take action as well.