March 28, 2012

NYTimes Article: Knowing Cost, the Customer Sets the Price

Ok, give this article from the NYTimes a read, if you are a pricing maven (click here for the article), thanks to @caseycarey for mentioning it.

Again, pay attention to the individual featured in the article.

  • P.T. Vineburgh, male, age 33.
This is a Jennifer/Jasmine aged person, closer to Jasmine ... and the game is played differently in this psychographic range.

When you hear people say that they miss coupons ... well, that's Judy.

The issue isn't pricing ... the issue is stimulating response within the Judy / Jennifer / Jasmine framework.  Judy likes sales and coupons.  Jennifer likes doing her own research for finding the best deal.  Jasmine demands the lowest price, period, she can't afford higher prices.

It's a lot harder to have a one-pricing-fits-all strategy when you have three different customer psychographics with three very different needs.

Your thoughts?

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