Best Practice: When branding match the brand to a pricing strategy: Below Market, At Market or Above Market.
Today’s Article: Select the Right Brand Strategy to Match the Company Pricing Strategy
There are three pricing strategies: Below Market (low price), At Market (added values) and Above Market (luxury).
When selecting the right brand strategy, pricing is important. People have different expectations based on when they are buying a product or a service: low price, at market and above market. All three can be successful brands, but they need to be consistent with people’s expectations.
Other below market retail stores include: Family Dollar and Dollar Tree
Other at market retail stores include: Belk, Bon-Ton, and Dillard’s
Other above market retail stores include: Nordstrom, Lord & Taylor, and Saks Fifth Avenue.
When starting the brand development phase of branding it needs to match the pricing strategy: the name, logo, tagline, look, feel and content about the company, product or service.
When implementing the brand it needs to match the pricing strategy. Use appropriate marketing options, including the look and feel i.e. of the company. Example: it would be appropriate for Neiman Marcus to advertise in magazines that target the affluent: Robb Report, Islands, Dolce Vita, Architectural Digest, Saveur, Unique Homes, Yachts International, or Upscale Living.
Action Step: Write down your business pricing strategy: Below Market, At Market or Above Market
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