THINKing

The Forgotten P

Graduates of Marketing 101 all know about the Four Ps of marketing - product, placement and promotion seem to be top of mind. But the forgotten P - in my opinion - is price. Pricing can be an excellent way to differentiate yourself. I’m not talking about low-balling your competitors either. I’m talking about using pricing strategically to address consumer pain.

Consider how airlines price tickets and then charge you what in essence are nuisance fees. They charge you extra for bags. They charge you for food and drink. These fees are all part of pricing and when done incorrectly can really hurt your brand. Jackie Huba has a good post on this topic.

Here at My Creative Team, we decided at the outset that we would price our work on a per project basis. As long as the scope of the project doesn’t change, we don’t charge a client any more than we quoted them initially.  It is harder to set pricing when you are using freelancers, but it is worth it. Our clients love the fact that they know how much something is going to cost them.

Most agencies and web design firms give you a rough estimate and then keep hitting you with extra hours to complete the project. This hurts your brand. So, pricing is just one of the ways - but a very important one - that we have used to differentiate ourselves. In everything we do, we try to make sure we live out our brand promise: We Make You Look Good.

Have you forgotten pricing, or are you using it effectively? Let us know.

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