Why Pay More?

How marketers can seize back control of the most important, most forgotten driver of profit

More retailers went out of business last year than in 2008. There were more profit warnings in the second half of 2017 than in any of the years following the crash.

Cash-strapped, tech-enabled, unforgiving consumers are fundamentally questioning whether brands are really worth the money they’re being asked to pay.

Our research shows that for 69% of leading brands, shoppers would not be prepared to pay more for one over another. No brand is safe from the threat of commoditisation.

Yet a 1% increase in price can increase profits by 12.5%. Brands successfully hacking their consumer’s relationship with price are enjoying disproportionate returns.

It’s time to seize back control of the most ignored, most important lever in the marketing mix.

 

So ask yourself:

1. “What about my brand is worth paying for?”

2. “What can I do to increase people’s willingness to pay?”

3. “What elements of my offering could I be charging more for?”

As the only agency fusing creativity with an in-house pricing consultancy, we are uniquely placed to help you answer these questions.

To understand what the findings of our research mean for your business, get in touch to arrange a bespoke session.

Contact: joanna.holliday@iris-worldwide.com

Client

Specialisms involved

How marketers can seize back control of the most important, most forgotten driver of profit

More retailers went out of business last year than in 2008. There were more profit warnings in the second half of 2017 than in any of the years following the crash.

Cash-strapped, tech-enabled, unforgiving consumers are fundamentally questioning whether brands are really worth the money they’re being asked to pay.

Our research shows that for 69% of leading brands, shoppers would not be prepared to pay more for one over another. No brand is safe from the threat of commoditisation.

Yet a 1% increase in price can increase profits by 12.5%. Brands successfully hacking their consumer’s relationship with price are enjoying disproportionate returns.

It’s time to seize back control of the most ignored, most important lever in the marketing mix.

 

So ask yourself:

1. “What about my brand is worth paying for?”

2. “What can I do to increase people’s willingness to pay?”

3. “What elements of my offering could I be charging more for?”

As the only agency fusing creativity with an in-house pricing consultancy, we are uniquely placed to help you answer these questions.

To understand what the findings of our research mean for your business, get in touch to arrange a bespoke session.

Contact: joanna.holliday@iris-worldwide.com

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