Sony Boosts Brand Image and Customer Experience by Shifting to Common Pricing
Starting from April 1, it has been announced that electronics giant Sony will be moving to common pricing in order to improve their customer experience and thus boost sales.
In a nutshell, common pricing sets a limit on the discounts that retailers can apply by establishing a minimum cost for a certain product. By doing this, brand image is preserved by preventing competing retailers from slashing prices too much.
Sony’s CEO, Phil Molyneux has said that they are embarking on a complimentary campaign designed to communicate the value of the shift – this marketing communication will be crucial to the success of the common pricing model.
Sony also plans to eliminate some of its offerings, since recent research by psychologists studying buyer behaviour has found that the more choices a customer has the more difficult it is for them to make a decision. The result is often a “No sale” as buyers walk away from the confusing array of options.
Eliminating offerings, especially low-priced alternatives, can also enhance brand image and reverse the all-too-common mistake of companies cannibalising their premium offerings in order to increase market share.
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