Creative Marketing Strategy Part Two: Pricing and Social Impact
Using creative marketing techniques can help you price your product or service and position the social impact of your business.
You can have the best restaurant or the best web design service, but how will new customers find you if you’re not getting the word out? This is where a creative marketing strategy-specifically, your unique value proposition-comes in.
Two of the most powerful unique value propositions for attracting customers are pricing and social responsibly. Let’s explore how special pricing and social responsibly actions could make your business stand out from the rest.
Unique Selling Proposition: Pricing
Pricing is one area where it may be hard for small businesses to compete due to finite resources. That said, there are steps you can take to make your pricing attractive to your customers and still turn a tidy profit. Use your special offers or pricing structure to stand out from other small businesses.
Provide New Customers with a Special Offer
You may offer a special discount to new customers to introduce them to your product or service. Don’t make the mistake of giving cut-rate service along with your discount; make sure your customer services representatives are prepared to roll out the red carpet for customers relying on your discount.
For example, restaurants may want to offer special happy hour deals so new customers can come and try them out at discounted prices. Once the customers are in the restaurant, memorable food and service can turn these one-time patrons into loyal customers.
Offer a La Carte Pricing
When it comes to service-based businesses like accounting, web design, or legal, many large professional companies will offer their services on a retainer fee, which can be cost-prohibitive for customers that might only need a small job done. Stay competitive by breaking services into smaller, more affordable pieces is another way to distinguish your brand.
For example, a graphic designer can charge a one price for a logo and another price for a presentation, rather than offering a high flat-rate for a suite of services or expensive and unpredictable hourly billing.
Unique Selling Proposition: Social Impact
In today’s connected economy, social impact is gaining traction as a selling point. You can use this point to differentiate yourself from other businesses in the following ways:
Responsibly Sourced Materials
If you source your goods locally or you purchase parts for your product from sellers that use fair labor standards, you can tell the story through your packaging or social media. For example, the chocolate company Beyond Good talks about how they source their beans in Madagascar as well as producing the chocolate there, which creates jobs in a depressed area.
Support Your Local Community
As a small business owner, you’re probably already invested in your community. Make sure you communicate that to your customers. For example, you could sponsor a local sports team, such as Little League. If you have a storefront, you can host community events. Establishments like coffee shops or restaurants might want to include art from local artists to showcase that connection to the community.
Differentiate Your Business From the Competition
Using creative tactics to share the unique features of your business will go a long way toward gaining customers and achieving growth. Special pricing offers and socially responsible business practices can appeal to customers and set you apart from your competitors. Creating and sharing your unique value propositions with your customers is vital to the success of your business.