22/09/2024
Here’s one for the CFO…
Or rather one for you when the CFO asks you to justify marketing spend. One of the intrinsic benefits of having a recognisable brand is that consumers are more likely and willing to pay more for your brand versus a less well known competitor. In this great piece by the bright sparks over at Magic Numbers, they demonstrate the benefit of strong brand messaging on the Tonic Water market.
In short, strong brand messaging means you can charge more than your competitors.
For marketers and planners facing into a recessionary period the temptation will be to look for quick wins to boost sales, with price promotions being an easy target. But with the pressure on business margins due to supply chain cost increases, the answer may be to keep your prices higher than competitors.
Source:
https://zcu.io/ugVi