Current impact of low cost offers
Will you introduce these on your website? (Mark Richards)
Pricing Strategy to Match Customer Mood Impacts Sales
Internet marketing consultants and others are being encouraged to develop creative methods in order to attract budget-conscious shoppers.
This is according to a case study by Marketing Sherpa, showcasing the efforts of Birthday in a Box’s advertising team, which created a low-cost shopping guide that included tips on things such as how to throw a party without breaking the bank.
Such a development came about after inquiries came in from those looking to achieve this and the company decided to implement a scheme which fulfilled this customer demand, while featuring a total value higher than the typical amount spent.
This led to a 35 per cent climb in the average value of completed orders and Laurie Wrigley of the company noted that she found it surprising that this initiative actually worked.
She detailed the processes her firm went through to achieve this, saying that they introduced four strategies: reviewing pricing, creating a party planning article with an arbitrary budget, linking to the relevant page throughout the website and promoting the new planning guide.
“We didn’t change any product prices, but I think as long as customers stayed under the $100 [£61.50] expectation, they were inclined to add more items,” she said.
Birthday in a Box was established in 1996, aimed at parents trying to hold personalised events, providing items such as crockery, candles, cutlery, table cloths and ribbons and streamers.
Source: Marketing Sherpa