Pricing your Products in your online eCommerce Stores

 

A pope of modern marketing, Philip Kotler postulates in his book Marketing for the 21st Century that “if customers only bought products and did not care about additional services and benefits and if all categories were the same, all companies would have to accept the price established by the market.
Of course, there are no such markets.

Companies are forced to ‘temper’ their offerings to customers in ways other than price. Companies that add value have already developed a stronger benefit package to gain customer preference by offering: customization, convenience, faster service, more and better services, guidance, training and consulting, an extraordinary guarantee, useful tools hardware and software, etc. “.

In other words, the customer does not only buy products, but benefits associated with a strong brand in which he feels confident.

But how to get there? Although each case is a case, there are some principles that can guide this journey. His first one would obviously be balancing marketing strategies. It is important for the entrepreneur to know the importance of last click media, but not to increase the funnel with demand generation strategies.

There is no more performance x branding. Everything is performance! The entire media strategy should be thought according to the consumer journey and attribution models.

Engagement and assertiveness are fundamental. To do this, you have to leave the most natural and fluid communication between all the channels and combine your media strategies with your presence in social networks.

Lovebrands stand out right by word of mouth, when an engaged and loyal consumer starts to advocate for their products and services. Moreover, approaching your client via social media means better understanding who your audience is, improving a relationship, and even solving problems through these media.

Think of your products not as an end, but as a means to reach the consumer. To consolidate, you need to show that your store is here to stay. You need to be a specialist and work with assortment and content. Specialized companies, for example, in the sale of certain articles are references precisely because they gather, in a single space, products that other stores do not have.

Finally, the service. Excellence in customer service is crucial to the consolidation of a brand, after all, the consumer wants to be well served, receive clear information and feel at ease when accessing your store.

Often this will make all the difference by justifying a relatively higher price, which he will pay without hesitation, knowing that it will be worth the investment.

In times when virtual stores are having to reduce their free-shipping and low-price offerings to justify their investment in the e-commerce boom of the past decade, their brand will be the way to differentiate companies that will survive in the coming years from those that will break and cause a tremendous headache for their owners. It’s no secret to anyone. Differentiation is vital in any market. And now it’s time for online retailers.