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Your Brand Can Win Big If The Price Is Right | CMO

How to price their brands is a question increasingly keeping marketers awake at night. Long berated as an enemy of brand equity, the global economic and political upheavals in 2016 have now added weight to the argument that pricing, if thoughtfully and strategically handled, can be a strong brand equity builder.

From global currency exchange rate fluctuations, a continued crisis in the banking and financial services sectors, Brexit, proposed US policy directives to the fluctuating state of Asian economies, multiple factors have impacted brand pricing strategies.

Pricing is not a child’s toy anymore. It was a big enough factor for a public dispute between Unilever and supermarket giant Tesco in the U.K, eroding brand perceptions of the FMCG company. It is significant enough for luxury manufacturers to start worrying about their brands’ exclusivity. Having an effective pricing strategy has become a boardroom conversation topic in organisations across the world.

In spite of all these developments, pricing is yet to catch the attention of those involved in building brands. This is precisely where the link between brand and business strategy is crucially missing. Brand building continues to focus on positioning, values, purpose, identity, and activation, with pricing being the weakest element. The vacuum is particularly strong in the wide space in which majority of brands operate, ignoring the luxury and ultra-cheap ends of a market.

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Your Brand Can Win Big If The Price Is Right.