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How to develop a marketing pricing strategy for your business | Marketing Week

The 4Ps of marketing are the building blocks of many a career in the industry, but unlike product, place and promotion, which are about creating value for the customer, the final P – price – is about getting value for the business.

As a result, there is often debate about whether it should in fact be marketers’ responsibility, meaning it doesn’t always fall within marketers’ remit despite many wanting to take ownership of it.

If marketing does not lead on pricing, however, Chris Duncan, managing director of Times Newspapers at News UK, believes businesses run the risk of ignoring the bigger picture.

“Pricing, when imposed from outside marketing, tends to focus on the revenue gains and can ignore the knock-on costs of defending market position or improving the product or reward scheme in line with price rises,” he explains. “This is particularly true when operating at a price premium in a long-term subscription relationship with customers – the collective reader memory for price rises is long.”

At The Times and The Sunday Times, while other departments are involved, it is marketing that leads the charge on pricing.

“There are many other stakeholders from finance to editorial and our exec teams who will debate the implications of pricing, but it is part of the marketing discipline to understand how pricing sits within the whole customer proposition,” says Duncan. “We have a range of pricing to manage, from casual newsstand to print and digital subscriptions, all of which may have different internal drivers.”

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How to develop a marketing pricing strategy for your business.

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