Here’s a quick recap on this series of blog posts started yesterday on Snow White and the Seven Ps – A light hearted look at the classic Marketing Mix tool in marketing strategy.
Where were we?
We had just introduced Snow White, the beautiful young girl who was running away from the huntsman ordered to kill her by her wicked stepmother.
According to the19th-century German fairy tale, Snow White quickly loses her way in the forest, in her desperation to escape.
But what has this to do with the Seven Ps of Marketing? Read yesterday’s post here to understand the context. The first character we covered was Doc, who played a key role in the story as he was seen as the leader of the Seven Dwarfs.
Today we move on to the second of the seven dwarfs and cover another aspect of the Marketing Mix – Pricing.
Episode 2 – Price
Our story continues, deep in the forest…
Remember the discovery of Snow White by the Seven Dwarfs when they returned from a hard day’s work at the diamond mine?
Mysteriously, their little house had been cleaned, laundry done, the table was set for a meal and food was cooking on the stove. They found the princess upstairs, fast asleep in their beds (across 3 beds, she was so much bigger!).
Image source: Walt Disney
Of all the dwarfs, the one who was most suspicious and unhappy was Grumpy. Grumpy is no easy pushover. Instead of being impressed, he was cynical. Every image of him in the cartoons is one of a scowling face!
For our 7Ps of the marketing mix, I chose Grumpy to represent Price.
Price is a ‘hard lever’ in marketing. It’s critical and delicate at the same time. Moving it can cause immediate confusion, dismay or delight. And pricing can definitely make people grumpy!
What can you do to apply these learnings on Price?
Here are five practical ways to implement this important aspect of the Marketing Mix:
- List all the hidden costs customers pay for your offering, brainstorm areas to innovate
- Involve marketing in pricing discussions as pricing is integral to customer experience
- Be clear & consistent in pricing approach (cost vs value)
- Use pricing tools (discounts, special offers, etc) wisely based on a clear strategic policy
- Avoid nasty surprises and short-term actions with pricing, these are sure to irritate customers and affect admissions (sales) and retention
Grumpy eventually became Snow White’s greatest fan. Pricing can be an asset in the mix. It all depends on how you work with it!
More to follow…
I cover this and the other Seven Ps of Marketing quite thoroughly in my book, A Guide to Effective School Marketing published by ISASA and available for purchase on their website.
We still have another five P’s to go and five more dwarfs in the story. Read tomorrow’s blog post to find out more!
I'm Keryn House
I enjoy creating marketing anecdotes and visuals related to my horse as there is a lot to be learned from animals, and this provides a unique context to my writing. My horse Slick (aka Sports Express) has been with me for many years and is a source of inspiration and relaxation for my strategic mind. He lives on a friend’s farm in KZN and I see him twice a week.
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