The forgotten ‘P’ of marketing
Marketers are in a position where it’s VERY hard to view price as a value driver, rather than a volume driver. But, if growth is about making more money, then it doesn’t pay to ignore price, argues Ryan France.
Working in the world of market research, many of the questions clients ask me essentially boil down to this: “how do we grow?”. This usually translates to: “how do we sell more stuff to more people?”
Or, if the client follows Byron Sharp, the question might be phrased as “how do we increase penetration?”, knowing that if they can do that, their brand will have more light buyers (more people) and a more loyal customer base (buying more stuff).
Funny though how seldom growth discussion starts out with value share rather than volume share. I hear these questions far less: ‘how could we sell the same amount of stuff, but at a higher price?’ or ‘how could we sell the same amount, but be less reliant on price promotions to do it?’
