{"id":370,"date":"2018-06-14T04:03:48","date_gmt":"2018-06-14T04:03:48","guid":{"rendered":"https:\/\/www.sureshdinakaran.com\/blog\/?p=370"},"modified":"2018-06-14T04:03:48","modified_gmt":"2018-06-14T04:03:48","slug":"your-brands-worth-is-in-your-own-hands","status":"publish","type":"post","link":"https:\/\/www.sureshdinakaran.com\/blog\/2018\/06\/14\/your-brands-worth-is-in-your-own-hands\/","title":{"rendered":"Your brand’s worth is in your own hands!"},"content":{"rendered":"
Your brand’s worth is in your own hands!<\/b><\/div>\n
<\/div>\n
You do not have to look far ahead into the horizon to read that businesses are facing an uncertain\u00a0economic landscape<\/b>\u00a0across multiple markets around the globe. We are amidst a landscape in which\u00a0brand worth<\/b>\u00a0has never faced fiercer scrutiny.<\/span><\/div>\n
\u00a0<\/span><\/div>\n
Moreover, in this environment, a\u00a0power shift<\/b>\u00a0has taken place as\u00a0price-conscious shoppers<\/b>\u00a0have seized control.\u00a0Price loyalty<\/b>\u00a0or\u00a0brand loyalty<\/b>?
\n<\/span><\/div>\n
\u00a0<\/span><\/div>\n
The done to death strategy(<\/strong>dare we call it that?)<\/strong> that\u00a0brands<\/b>\u00a0have been resorting to, to drive volumes has been, no prizes for guessing,\u00a0discounting<\/b>. Not only is it a short term strategy<\/strong> but it also does both the brand<\/strong> and the business<\/strong> serious damage in the longer term. Turning the model upside down,\u00a0research has shown that a 1% price increase can drive a 12-15% increase in profit. That is three times the profit increase seen by boosting sales the same amount. Which shows that\u00a0the commercial impact of protecting prices can outweigh cutting them to drive volume<\/b>.<\/span><\/div>\n
\u00a0<\/span><\/div>\n
Just like most buying decisions<\/strong> are not rational,<\/strong> so is consumers perception of price<\/strong>, which too leans towards the irrational.\u00a0Behavioural economics\u00a0<\/b>studies show that when you flip the context, re bundle your output and\u00a0shift the focus from price to value through added layers of experience,<\/b>\u00a0consumers are willing to pay disproportionately more<\/strong> for it. This, in some way, also endorses the oft used observation that\u00a0price is the yardstick of quality<\/b>.<\/span><\/div>\n
\u00a0<\/span><\/div>\n
By combining\u00a0data-led pricing strategies<\/b>\u00a0with the\u00a0creativity<\/b>\u00a0and\u00a0behavioural science<\/b>\u00a0of a modern agency(be it ISD Global<\/strong> or any other),\u00a0brands\u00a0<\/b>can dramatically\u00a0outperform\u00a0<\/b>the competition in a commoditised market.\u00a0<\/span><\/div>\n
\u00a0<\/span><\/div>\n
Brands<\/strong> can increase their\u00a0price perception\u00a0<\/b>in the eyes of the customer<\/strong> through a\u00a03C Model<\/b>\u00a0of\u00a0Create(<\/b>through rituals, theatre, value added services)-Connect(<\/b>establish a\u00a0culture<\/b>\u00a0where customers are happy to pay more like\u00a0Frappuccino<\/b>\u00a0from\u00a0Starbucks)-Convert(\u00a0<\/b>Optimum sales balancing\u00a0value<\/b>\u00a0and\u00a0volumes<\/b>, omni channel, something like what hotel chain\u00a0IHG<\/b>\u00a0does).<\/span><\/div>\n
\u00a0<\/span><\/div>\n
For the community of\u00a0marketers<\/b>\u00a0everywhere, it is time to seize back control of the most ignored, most impactful lever in the\u00a0marketing mix<\/b>:\u00a0Pricing.<\/b>
\n<\/span><\/div>\n
\u00a0<\/span><\/div>\n
\u00a0<\/span><\/div>\n
ENDS<\/b><\/span><\/div>\n
\u00a0<\/b><\/span><\/div>\n
www.groupisd.com\/story<\/b><\/span><\/div>\n
\u00a0<\/b><\/span><\/div>\n
www.brandknewmag.com<\/b><\/span><\/div>\n","protected":false},"excerpt":{"rendered":"

Your brand’s worth is in your own hands! You do not have to look far ahead into the horizon to read that businesses are facing an uncertain\u00a0economic landscape\u00a0across multiple markets around the globe. We are amidst a landscape in which\u00a0brand worth\u00a0has never faced fiercer scrutiny. \u00a0 Moreover, in this environment, a\u00a0power shift\u00a0has taken place as\u00a0price-conscious … Continue reading “Your brand’s worth is in your own hands!”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[26,178,197,234,235,130,63,232,236,231,237,233],"class_list":["post-370","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-advertising","tag-brand","tag-business","tag-frappuccino","tag-ihg","tag-isd-global","tag-marketing","tag-marketing-mix","tag-omni-channel","tag-pricing","tag-sales","tag-starbucks"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.sureshdinakaran.com\/blog\/wp-json\/wp\/v2\/posts\/370","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sureshdinakaran.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sureshdinakaran.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sureshdinakaran.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sureshdinakaran.com\/blog\/wp-json\/wp\/v2\/comments?post=370"}],"version-history":[{"count":1,"href":"https:\/\/www.sureshdinakaran.com\/blog\/wp-json\/wp\/v2\/posts\/370\/revisions"}],"predecessor-version":[{"id":371,"href":"https:\/\/www.sureshdinakaran.com\/blog\/wp-json\/wp\/v2\/posts\/370\/revisions\/371"}],"wp:attachment":[{"href":"https:\/\/www.sureshdinakaran.com\/blog\/wp-json\/wp\/v2\/media?parent=370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sureshdinakaran.com\/blog\/wp-json\/wp\/v2\/categories?post=370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sureshdinakaran.com\/blog\/wp-json\/wp\/v2\/tags?post=370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}