Crucial Pricing and Promotion Strategies for the Seasonal Campaigns
We know that marketing of regular goods that are available around the year require certain marketing techniques so that the business yields a good margin of profit. Whereas, the seasonal goods and services need different kinds of marketing approaches, both from the perspective of the seller and the consumer. This is mainly due to reason that, the demand for the seasonal products fluctuates indifferently and indefinitely. So managing these market variations and still ensuring good reward for both sellers and buyers is quite essential.
With this objective, the businesses are going for pricing of seasonal campaigns. Hence, taking a relook on the pricing issue plays an important role for businesses across industries. One has to exercise much more care in studying the nature of goods, the area of its marketing, purchasing power and expectations of customers and similar essential factors before fixing prices
It is not only a finer tactic to derive satisfaction to the stakeholders, but also strikes a balance between the high and low prices that prevails during the variations in demand for these products.
How to achieve this?
In order to stabilize the market for these products effectively, the market study is essential in bringing the factors such as who are the right customers and their tastes. Some of the factors can be the behavior of the customers of the changes in the prices, and the ultimate gain to the buyer as well as the seller.
This is how the high money earned during peak season compensates for the low during the slow season. Customers prefer optimal prices for the products and this adds value to the product as well to their money. This is absolutely a thorough evaluation of the market and nature of the customers.
On the other side, there are certain other factors that have to be given greater attention to. Cutting the price of a product to suit the seasonal need may not ensure the assumed profit.
Analyses
This is particularly helpful for large organizations. The organizations invest or work on a complex analysis to arrive at a value for seasonal pricing. It is also recommended for small organizations to experiment with seasonal pricing to understand the behavior of customers during different seasons. The analysis helps to analyze patterns in sales after segregating customers, which in turn paves the way for seasonal pay cuts and better profit margins.
Simultaneously, many problems arise while restructuring the prices of seasonal campaigns. It includes the cost incurred on warehousing, advertising and other hidden costs. So, while prioritizing seasonal campaigns the attention required on existing campaigns cannot be assured. Crucial pricing and promotional strategies indeed can enhance the performance of seasonal campaigns.