Getting Creative with Pricing During COVID-19

As the world moves deeper into the “Age of Coronavirus,” companies must continue to adjust their business models and adapt to this unprecedented time. Though “nonessential” activities are limited to the confines of our homes, it is essential for businesses to continue to implement unconventional strategies and keep the economy moving. Individuals and businesses alike are cutting costs, so we’ve brainstormed the below creative pricing strategies. These strategies will pay off for your business in the present, and set you up for success in the wake of COVID-19.

Freemiums:
Freemiums have proven a successful pricing long before the rise of COVID-19. Provide a basic service or product free of charge while budgets are tight, with an opportunity to buy into a higher level of service. Your business has an opportunity to demonstrate its products’ value, whether it may be increasing efficiencies or cutting costs. Offer a free trial period you are comfortable with and do your part to stimulate the economy. Customers will remember the businesses that lent a helping hand during a time of crisis and potentially equate future opportunities.

Virtual Gift Cards/Buy One, Get One:
Offer and promote the sale of virtual gift cards. Though customers do not have the ability to shop at brick and mortar businesses, virtual gift cards create an immediate revenue stream for online sales now or in-person sales later. Along the same lines, offer your customers a BOGO opportunity- if they buy a product now, get a second product free, or 50% off.

Sign a future contract now at a 20% discount:
Many B2B businesses are offering a 20% discount on services to clients who sign a future contract today. Getting aggressive with your sales approach will help maintain a healthy cashflow and ensure your company rides out the storm.

Provide Value:
Regardless the strategy you choose, most importantly, consider all of the ways in which your business can provide value to customers. Let’s do our part as business owners to get each other to the other side. For more ideas about getting creative during the age of coronavirus, schedule a meeting with one of our team members. 

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