Offer introductory pricing or discounts for new products
Introductory pricing or discounts are a great way to draw in new customers and create buzz around your product. However, while it can attract initial interest and boost sales, there’s a risk of setting a low price expectation forever.
Tools
| Name | Description | Pricing | Ease of Use |
|---|---|---|---|
| AWeber | AWeber is a leading email marketing platform designed to streamline c… |
Paid Only
|
Moderate
|
| ActiveCampaign | ActiveCampaign is a comprehensive marketing automation tool designed … |
Paid Only
from $29.00/mo
|
Moderate
|
| Campaign Monitor | Campaign Monitor is a sophisticated email marketing platform designed… |
Paid Only
from $9.00/mo
|
Moderate
|
| Constant Contact | Constant Contact is a robust marketing tool designed to empower busin… |
Paid Only
|
Moderate
|
| Drip | Drip is a sophisticated marketing automation platform designed to enh… |
Paid Only
from $39.00/mo
|
Moderate
|
Objectives
| Name | Description |
|---|---|
| Customer Acquisition | Customer Acquisition is the process of attracting and converting new … |
| Product Launch | A product launch is a strategic marketing objective designed to intro… |
| Sales | The marketing objective 'Sales' focuses on increasing revenue through… |
| Traffic | Increasing website traffic is a fundamental marketing objective focus… |
Demographics
| Name | Description |
|---|---|
| Entrepreneurs | Entrepreneurs are typically characterized by their innovation, risk-t… |
| Gen Z | Generation Z, born between 1997 and 2012, is a cohort characterized b… |
| Low-Income Earners | **Professional Description for 'Low-Income Earners'** Low-income ear… |
| Middle-Income Earners | Middle-Income Earners represent a crucial segment of the consumer mar… |
| Millennials | Millennials, or Generation Y, are individuals born between 1981 and 1… |
Promotes
| Name | Description |
|---|---|
| App | The 'App' is a cutting-edge digital platform crafted to enhance user … |
| Digital Product | A Digital Product refers to an intangible asset distributed in digita… |
| Mobile App | The mobile app is a dynamic digital tool that marketers utilize to ef… |
| Physical Product | The Physical Product represents a tangible good that marketers have t… |
| SaaS | Software as a Service (SaaS) is a cloud-based service where instead o… |
Sectors
| Name | Description |
|---|---|
| Arts and Entertainment | The Arts and Entertainment sector is a dynamic industry encompassing … |
| Communication | The Communication sector encompasses a broad array of services and te… |
| Education | The Education sector encompasses institutions such as schools, colleg… |
| Financial Services | The Financial Services sector is a vital part of the global economy, … |
| Food and Beverage | The Food and Beverage sector is a vital part of the global economy, e… |
Strategy
| Name | Description |
|---|---|
| Customer Acquisition Strategies | Attracting new customers involves various tactics like ads, social me… |
| Pricing Strategies | Setting the right price involves balancing profitability and customer… |
| Product Marketing Strategies | Promoting a product involves highlighting its benefits, targeting the… |
| Sales Strategies | Boosting sales involves understanding customer needs, effective commu… |
Sub-strategy
| Name | Description |
|---|---|
| Brand Awareness Strategy | Building a brand awareness strategy means getting your brand noticed … |
| Lead Generation Strategy | Attracting potential customers and capturing their interest through v… |
| Customer Loyalty Strategy | Encouraging repeat business through rewards, excellent service, and p… |
| Market Penetration Strategy | Increasing market share for existing products through tactics like co… |
| Discount and Promotional Pricing Strategy | Offering temporary price reductions to boost sales and attract custom… |
Technologies
| Name | Description |
|---|---|
| Email Marketing & CRM |
Channel
| Name | Description |
|---|---|
| Email marketing is a versatile tool for reaching both businesses and … |
Sub-channel
| Name | Description |
|---|---|
| Newsletters | Newsletters are an effective way to keep your audience informed and e… |
| Promotional Emails | Promotional emails are a direct way to reach customers with targeted … |
| Transactional Emails | Transactional emails are a reliable way to engage with customers thro… |
Quick Facts
Channel
Advertising Type
Difficulty Level
Intermediate
Estimated Cost
Medium
Time to Impact
Short (Weeks)
Tags
B2B
B2C
Paid
Pros
- Increases customer interest quickly due to the attractiveness of lower prices.\n- Encourages product trials since the costs are minimized for first-time users.\n- Generates buzz and excitement about a new product, which can lead to more word-of-mouth referrals.\n- Helps in gaining market share by drawing customers away from competitors.\n- Aids in rapid inventory turnover, ensuring that the product’s shelf life is maximized.\n- Allows for market testing without a significant investment from the customer’s side.\n- Can drive immediate sales, providing an early cash flow that may be reinvested in marketing or production.
Cons
- May attract price-sensitive customers who are only interested in discounts and don’t become loyal.\n- Could set a low perceived value for the product, making it difficult to raise prices later.\n- May affect profit margins negatively, especially if the introductory price is too low.\n- Risk of devaluing the product, which could undermine its long-term success.\n- Limited time offers might not attract long-term customers but rather bargain hunters.\n- Potential impact on brand reputation, making it seem like discounting is always an option.\n- Inventory and supply chain challenges could arise if there’s an unexpected surge in demand.