Pricing models are influenced by consumer-driven empathy
Implications - In an effort to stay in touch with the innermost desires of consumers, brands are beginning to consider empathy-informed pricing models that extend special discounts to those facing particular issues. Speaking to a growing awareness of the role socioeconomic status plays in determining barriers to success, examples of sympathetic pricing suggest the interest of brands in reflecting the values of their customers, a quality which is particularly important to millennials.
Workshop Question - How does your brand express its core values? Is identifying with these values a strong part of the experience for your consumer?
Trend Themes
1. Empathy-informed Pricing - Brands are considering empathy-informed pricing models that extend special discounts to those facing particular issues, reflecting the values of customers.
2. Location-based Promotions - Inby, a location-based app, has streamlined all sorts of promotional material in one easy-to-read place, providing information about discounts, sales and events.
3. Gender-based Pricing - Thompson Chemists introduced a man tax charging men an extra 7% in tax to protest the inequality of the sexes and to bring attention to the wage gap between men and women.
Industry Implications
1. Retail - Empathy-informed pricing models can be incorporated into retail industries to reflect the values of customers and cater to those facing particular issues.
2. Hospitality and Restaurants - Location-based promotions can be incorporated by restaurants to attract customers to a specific location in order to take advantage of a promotion in a specific weather condition.
3. Pharmaceuticals - Gender-based pricing can be incorporated into the pharmaceutical industry to highlight the wage gap between men and women and to promote gender equality.
6 Featured, 53 Examples:
234,231 Total Clicks
Date Range:
May 14 — Nov 16
Trending:
Average
Consumer Insight Topics:
