5 Pricing Strategies to Attract the DIY Consumer
Quality products with reasonable prices will draw the DIY Consumer in more than bargain bin deals that will fall apart in a week.
DIY Consumers are savvy consumers. They want more than just a good deal, they want good products, responsible brands and high quality results.
The list below previews a few of the pricing strategies that can peak the interest of the DIY Consumer. Leave a comment below to tell us what pricing strategies you've seen work with your brands, and what you'll be trying in 2014.
1. Value Pricing
Value Pricing may be the number one way to get DIY Consumers to purchase your products. While they are willing to pay more for a higher quality product, DIY Consumers want to feel like they are walking away with a good deal.
But Be Warned: Don't mistake value pricing for economy pricing. DIY Consumers will not be interested in cheaper, generic substitutes of watery paint or poorly constructed materials with lower price tags as their only perk.
High value should be key in your mind when pricing for DIY Consumers. Quality products with reasonable prices will draw them in more than bargain bin deals that will fall apart in a week.
2. Bundles
It seems everywhere you turn companies are promoting their latest bundle offers. Why is everyone bundling? Because it works.
Everyone, DIY Consumer or not, loves to feel like they are getting something for nothing. Bundles offer that appeal.
DIY projects require a lot of items and tools to get the job done right, and bundles can make shopping easier by including all of these items together. Sell bundles on convenience and time saving benefits that all add up to a good deal in the consumers mind.
Bet remember, DIY Consumers will be unwilling to make purchases of products they don't think they need.
However, including non-essential items that will help them get the job done quicker will appeal to their need to accomplish tasks in a short amount of time.
For example, painters tape with drop cloth attached is not essential to the paint project, but will make set-up and clean-up a lot easier, so DIYers will be likely to pay more for the convenience than cheaper standard painters tape.
3. Recommend Like Items and Have Checklists Available
Nothing is more frustrating than beginning a home project and realizing you’re missing a crucial piece of equipment. Alleviate this pain point by grouping needed items next to each other, and marking them as recommended items.
Having checklists in the store or digital downloads on your website with needed items for projects are also great way to let your customers know what they will need to get the job done right the first time.
Here is an example checklist from RealSimple.com. Notice the print and sharing options, plus the extra spaces on the printed version for the consumer to add extra steps if needed.
Remember, a positive in-store experience is something DIY Consumers are willing to pay for. Checklists and sales associates who know what consumers will need to complete their project help add up to a positive experience with your store and make them more likely to purchase from you again.
4. Contests and Prizes
Get consumers excited about doing DIY projects with your products by promoting contests around trending projects, seasons or themes.
Incentivize participants with prizes to get them on board and keep them engaged with social media updates throughout the contest.
Contests have a ton of perks that will draw attention from multiple demographics:
- They drive foot traffic into your store.
- They generate interest around your brand.
- Participants will flood social media throughout the contest with Facebook updates, hashtags, Instagram pictures and tweets, all leading back to your brand.
- Boost sales for contest supplies while building loyalty for future projects.
5. Mobile Coupons and Discounts
58% of DIY Consumers own a smartphone, and 71% of DIY Consumers research DIY products and companies online.
Bring the in-store experience together with the convenience of online shopping by integrating digital features into your store.
For example, QR codes can offer consumers more information on the products they want plus,special offers will encourage them to purchase from your store or website instead of another online discount retailer.
What pricing strategies have worked for you? What strategies is your brand planning to experiment with in 2014?
