Pricing Strategy in Times of Crisis

Demonstrating solidarity with customers through reasonable prices and preventing monopolization to ensure greater market coverage are some of the strategies that experts recommend to companies in contexts such as the current one.

Friday, March 20, 2020

Ariel Banos, specialist in price management and founder of Fijaciondeprecios.com, explains three strategies generating responsible behavior in an environment of high uncertainty as the current crisis of the coronavirus.

Details of the three strategies:

1. Show social empathy
Companies are part of society, so they must show solidarity and understanding in difficult times. Customers value these kinds of signals. So, applying new discounts selectively, and even offering some free options, can help show that the company is in solidarity with the population affected by the pandemic. Of course, these types of strategies must be well communicated, and limited in scope and duration.

2. Encourage Socially Responsible Behavior
At times of restriction, many do excessive storage of some products, which leaves others that are also needed unavailable. Volume discounts lose their relevance in this type of situation. The objective of "selling a lot" no longer makes sense in this context, and we can replace it with "selling well", which means ensuring the greatest possible customer coverage, with the stock or capacity we have available.

3. Boosting sales, but not compromising the future
In the case of companies in the tourism sector, one of the most affected, flexible packages and rates must be offered, with options for reimbursement at no additional cost, in the event of any change that the client wishes to make. The idea is to convey to potential customers the possibility of buying without adding concerns in an already complicated context.

See full article at Fijaciondeprecios.com (in Spanish).

Coronavirus: How do the perspectives change for companies in Central America?

We prepared for our clients the report "Information System: Impact Analysis of Covid-19 on Business" that answers these and other questions in times of uncertainty.

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