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Pricing post COVID-Should you be changing your sales strategy plan ?

sales strategy plan – Is it time to draw up a new  ? (get it).

With so much disruption to business, taking a fresh look at your product or service packaging, pricing and payment terms is a useful exercise.

Carefully consider your sales strategy and  customer relationship strategy. Is the best option bundling more into your offering or simplifying what you offer?

Can you offer promotion pricing or discounting to certain segments to spur demand?

Does offering payment term flexibility or use of credit make sense?

 

 

All options should be on the table as a catalyst to spur sales. Here are a few things to consider:

Be reasoned in your discounting.

If you do offer a concession, ask for something in return, such as an extended contract term.

Be thoughtful Increases 

At some point, it may become unavoidable, but cash-strapped customers will notice, so be prepared to explain increases and avoid even the appearance of price-gouging.

Consider bundling value-adds

Rather than simply cutting prices, consider bundling value-adds to increase loyalty while protecting margins and customer lifetime value.

Create a subscription model

Assess whether you can create a subscription model for a lower monthly cost versus a large one-time payment.

Consider alternative business models.

Many software companies are offering extended free trials or upgrades in service tiers as a gesture of solidarity and support. Product-led software business models are increasingly popular anyway, so maybe now is the time to try to add this approach to your sales strategy plan.

Be creative.

Offering gift cards at a discount is a good deal for customers and ensures they’ll visit once it becomes feasible.

Be Clear on Discounts

Give sale speople crystal-clear parameters on what constitutes a discretionary discount and what triggers approval by a supervisor or higher as part of an updated sales strategy.

Highlight initiatives

Highlight initiatives your company has undertaken to support the community. Even before COVID-19, consumers cared about the social values behind the brands they purchased. That’s elevated now.

Obviously this list isn’t exhaustive but it does give a number of points to ponder. If you would like to discuss this or anything else further don’t hesitate to get in touch. 

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