Do you know the brand IKEA? Of course, you do, IKEA is a successful brand and for many reasons. Today we are going to discuss one reason IKEA stands out from the furniture crowd: it’s pricing strategy…
Check out the screenshot above from the IKEA website, notice how the lowest price in the bed category is highlighted in yellow?
IKEA systematically highlights the lowest price in each product category, both online and in-store. This one attractive price per category technique grabs the attention of potential customers. We are all price-sensitive; even the most lavish of us! This simple yet effective strategy makes us think of IKEA every time we are in need of furniture! Even if customers ultimately end up buying a higher-priced item, it is the cheapest, less expensive item that will have drawn the customer into the store in the first place.
We shall be analyzing more IKEA strategies in future posts. In the meanwhile, should you need a competitive marketing strategy of your own, visit branderella.com, and request a free consultation. At branderella.com we help clients brand, differentiate and carve ou their niche via competitive marketing strategies. Branderella, “Your one-stop-shop for all your branding needs”.
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