Did the headline really capture your attention? If you are a frequent reader of my material, you probably recognize that this is not the type of headline that you will usually find.
I’ve written many times about how organizations (and individuals) compete on the Price-Expertise-Trust spectrum, and that Trust is by far the most enduring dimension. I’ve also written about content marketing and thought leadership, and how continuously demonstrating Expertise is one of the most powerful mechanisms to build Trust.
So why the headline? And more particularly, how does Price fit into the equation? Yes, demonstrating value is important, but a discounted price – sometimes even zero – is a powerful way to encourage trial.
- A consultant might give people an opportunity to test-drive their services with a modified version of their services – an audit, for example – at a lower-than-normal entry point.
- A restaurant might give free samples to encourage trial.
- A speaker or software vendor might host webinars at a low-or-no-cost level, once again as a test-drive for new prospects – and a value-add for existing clients.
While Black Friday and Cyber Monday are particularly exciting for retailers to generate real and cyber foot-traffic, the concept of using the price lever to encourage trial can be used by every organization. It just needs to be done in a brand-appropriate, and strategic manner.
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Randall Craig
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