Types of Tensile Pricing
Retailers can do tensile pricing strategies in two ways that are monetary and non-monetary promotion strategies. They both have different applications and motives behind the strategy.
Monetary promotion strategy: – In monetary promotion strategy, the brand/product is being promoted by giving a discount or rebate on the product’s price. For example: “Save up to
50% off”. Hence, the customer gets a monetary concession on the product’s price which induces them to buy the product. The main motive behind this strategy is to induce customers to try this particular brand/product or make customers buy a completely new brand and build trust in this brand.
Non-Monetary promotion strategy: – In a non-monetary promotion strategy, retailers promote a product in a “one plus one” manner. For example: “Buy 1 Get 1 free”. Hence, in this strategy, customers get double or more of the product at the same price. The main motive behind this strategy is to increase the sales of the product or finish the stock that is facing no demand in the market to increase the life of the product.
Variation in Monetary Promotion Strategy
There could be various variations in monetary promotion strategy. Retailers could give the concession in different ways, and results to those may differ accordingly. The consumer behavior may differ in all the cases:-
Minimum discount price: In this price variation, the discount price is exaggerated on the lower side of the discount offer. For example: “save X% or more,” “save 20% or more” with this, the retailer is setting a benchmark for saving at least X% of rebate on the price of the product and also allows to save more.
Range discount: In this price variation, where the discount price is offered in a range. For example: “save up to X%-Y%,” “Save up to 20%-60%”, with this the retailer gives the highest range of discount prices. Consumers tend to get more attracted to the maximized range of the discount, as the consumer wants to have a maximized discount offered by the retailers. This kind of promotion strategy works better than the minimum discount price strategy.
Maximum discount: In this price discount, retailers offer the maximum price discount to attract customers. For example: “save up to Y%,” save up to 60%”, with the retailer exaggerates the more of maximized price discount. However, the consumer ignored the low discount price offerings in this case as the retailer advertised the offering in such a way that consumers get attracted by the highest range discount price. This kind of price variation is more impactful than the other two.
Advantages of Tensile Pricing
The promotional technique of tensile pricing is very old but effective; many companies and stores still use this type of promotional technique to increase quick sales. This technique not just helps in the increase of sales and profits but have other benefits also, such as:
Brand switching: As the customer gets attracted by the discountâ€™s offerings, they buy that product; by this action, they try the new brand of product that they have been using for so long of some other product. Hence, they get an opportunity to compare both brands in terms of quality, quantity, packaging, and cost. This allows the company to introduce a completely new brand to the customer and the market or make the customer permanent consumers of their product.
Loyal customer: Most customers are cost-effective; they get attracted to such offerings because of this nature. With this, they switch their brands and use that cost-effective product for a while. But with these great offerings, companies often get their loyal customers.
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