I am frequently asked to speak at workshops and conferences on various marketing topics and enjoy doing so as it is always a chance to meet new people and businesses. I also enjoy the research and preparation that goes into speaking at these events. It is similar to writing a marketing plan the key is to do as much background research as possible so you fully understand the marketplace and the topic you are looking at. No body knows everything there is to know about their particular field of expertise there is always more to learn.
At the end of last year I was asked by a colleague to speak at a conference she was running for 4/5 star self caterers on the subject of price. I have to confess in all my years of marketing and speaking at various events and conferences this was the first time I have ever been asked to speak on this particular topic and I don’t recall listening to many people speaking on this topic either. Which is interesting as at the end of the day it is the fundamental to business success in that we all want to make money or is it?
The first thing that I did to prepare was to carry out research and found that some of my marketing books do cover the topic though they were it had to be said in the minority. This gave me my theory on pricing but I was keen to discover how people actually feel today about price. So over a period of a week I carried out some research on Twitter. I am really grateful to my fellow tweeters who responded as they structured the presentation and gave me and hopefully those I presented to lots of food for thought. Over the period of the week I asked various questions round the topic of price. Most of the answers did not surprise me though some did particularly when I asked what people were willing to spend more on? With no exceptions everyone who responded said there was one thing they were willing to spend more money on and that was ………………………………FOOD! Yes food not a new kitchen, or car or holiday but what we need to survive simply food!
Athough I was very aware that we are living in a very price conscious market this made me realise yet again that we are all worried about the basics in our lives which means that if you are selling other products you need to work harder to get people to notice your product and actually buy it. I know we all are aware of this but it does help sometimes to hear it direct from people and realise this is not just media spin it’s reality. These are extremley tough trading conditions.
This research also does fit in with consumer studies that show that people are concentrating on the basics. This however does not mean that people are not spending money they are but they are spending less, anlaysing the market place more, looking for quality and giving much more consideration to what they do spend any additional money they have.
So the question is how can you as a business get customers to buy your product in this price conscious market place?
In my conclusion to the topic of price I will consider how you need to position your business in this price conscious market place. So tune in to my next blog!