Why Does Pricing Have an Impact on Marketing?
Pricing impacts marketing because it defines the value of a product's worth.
Pricing impacts marketing because it defines the value of a product's worth. Since the world is driven by value, pricing reflects on everything that a business does. From developing a product to creating an official website, nothing else defines a company and a product but pricing.
If you want to maximize pricing, one of the most effective ways to take advantage of it is by implementing price segmentation.
What is Price Segmentation?
Price segmentation is a strategy that charges different prices to different customers even though the product or service is the same. It is a widespread strategy as customers encounter different prices when they go to cinemas or use various vouchers in other shops. The airline industry also benefits from this strategy as customers rarely pay the same price for a particular seat.
Price segmentation is suitable for a narrow product range and businesses that can identify prospects who are willing to purchase if the price becomes lower or higher, thinking that the product has added value in return.
How to Implement Price Segmentation
Dynamic pricing enables your store to adjust prices in real-time and stay profitable despite price fluctuations.
By leveraging dynamic pricing, you can increase your products' prices to capitalize on demand. You can also lower prices to increase sales and get the products moving, thereby enabling you to perform price segmentation with ease.
Moreover, dynamic pricing can provide data on customer behavior patterns by learning how much customers are willing to pay.
Electronic Shelf Labels for Dynamic Pricing
Today, many businesses are turning to electronic shelf labels to make dynamic pricing happen. Manually changing your paper labels is time-consuming, and instead of allotting most efforts to customer service, many workers spend most of their time updating paper labels.
SOLUM is an industry leader that has been continually developing new solutions, making several improvements in quality, and adding additional features to electronic shelf price tags. Our electronic shelf labels' latest lineup is now made stronger by the all-new Newton system, which can do a lot more than a typical digital price tag.
As our electronic shelf labels are now back-up by the all-new Newton system, our products provide vital features that elevate your shelf labeling system's capabilities in implementing dynamic pricing:
- Ten years of battery life – take advantage of Newton's features for as long as a decade.
- Faster update speed – 8-10 times faster than other electronic price tags!
- Display more information – flip up to 7 pages to access more data about the product.
- 7 LED colors – Newton's battery life allows more possibility of heavy usage of LEDs.
- Two programmable buttons – allow for more efficient task execution.
- NFC capability – perform mobile payments.
- IP67 – even the tiniest dust particles won't be able to penetrate it!
- Customizable design – incorporate your company's colors, patterns, and logo.
Many of our partners have already leveraged and witnessed the capabilities of Newton. It's time that you see it too!
If you want to learn more about how Newton can help your business maximize dynamic pricing, contact us today or visit us at www.solumesl.com.