The Secret Marketer over at Marketing Week has been talking
this week about
Pricing Strategy. He
believes
post-recession consumers are savvier than ever, and we would tend to
agree. When recession doom and gloom is on every TV show, blog article and
newspaper, it seeps into your brain and you
subconsciously pay more attention
to prices.
Specifically, consumers now recognise that the packaging of
a product takes up a lot of the cost, so they will expect to pay more for a
smaller package. They will also expect to pay more for something with higher
quality ingredients than an “economy” version. Consumers are even adjusting to
plastic bag charges all over the country now, knowing that it encourages better
habits for the environment.
Where we run into issues however, is when consumers or
clients are charged more for no logical reason. The Secret Marketer used the
example of customers getting penalised for taking a later train than their
advance ticket was booked for. The trains will all run regardless, they got
their money upfront, so why should the customer have to pay more for taking one
train over another?
And it raises a very good point.
If customers today are demanding explanations for every
fluctuation in price, then pricing structures need to be made more flexible and
open. We can’t just carry on as we are, when the mindset of the customer has
altered dramatically.