Activate Dormant Customers with a New Pricing Plan
Sometimes customers are interested in a product but refrain from purchasing because the selling strategy does not work for them. A pick-a-plan strategy activates these dormant customers. Providing a pricing plan that satisfies a key pricing need of an underserved segment attracts new customers. Beach resorts that offer "all-inclusive" pricing satisfy an important need of customers who value and are willing to pay a premium for the freedom of not having to think about the price of every meal, drink, or activity while on vacation. Simply offering this pricing option moves a resort to the top of the list for these vacationers.
Consider offering pricing plans that:
- Provide ownership alternatives (rental, lease, interval ownership, Netflix model).
- Lower the risk associated with uncertain value (success fees, auctions, licenses, future to buy options).
- Offer price assurance (guarantee future prices, all-you-can-eat, flat rates, warehouse club two-part pricing).
- Overcome consumer constraints (financing plans, lay away, prepaid, job loss protection).
Pick-a-Plan serves new customers (who otherwise wouldn't purchase) with a plan that best suits their needs. This sales growth alone can easily generate dollars toward a better pricing initiative.