Guide to Pricing Awards and Programs
Which brands are really strong within multiple product categories? What makes an awards brand strong in general? We believe that a wise awards pricing strategy plays a very important role in overall brand success.
The importance of setting the right prices
Focus on entry pricing importance. Wisely chosen criteria, your own developments, and hypotheses arising from attempts to measure your events and the pricing policy will give you the opportunity to build a strong brand. Pricing and measuring brand equity in awards categories is of practical importance for businesses operating in several different event markets. It is also the starting point for the development of a brand monitoring system, helps with understanding its essence, and so much more.
Challenges and pitfalls for organisers and planners
When setting up your awards pricing, you should take into consideration certain challenges you may face:
- Be aware of pricing trends between competitors, and refer to the current market dynamics.
- Don’t always rely on your existing supply base to deliver the best awards deal.
- Take your entire event lifecycle costing into consideration, not just the purchasing price.
Remember that awards require cost analysis and price analysis; the former is not sufficient without the second.
Pricing strategies
Based on the four evaluation methods proposed below, you will be able to evaluate brands by product category and set up your perfect price strategy for awards programs.
Competitive pricing
Competitive pricing consists of setting the price at the same level as one’s competitors. In other words, you offer average awards pricing like many other of your competitors with the same or very similar products.
Premium pricing
Premium pricing, also called image pricing or prestige pricing, is the practice of keeping the price of one of your products or services artificially high in order to engage some favorable perceptions among registrants based solely on the price.
Economy pricing
This is an evaluation technique that assigns a lower price to selected products. It is widely used in retail businesses among food brands, where marketing and production costs are always trying to be kept to a minimum.
Psychological pricing
Psychological pricing is the practice of setting prices slightly lower than rounded numbers, which means that customers don’t round up the prices and will therefore treat them as lower than they really are. For example, $5.99 is psychologically considered the same as $5.
Fixed vs dynamic prices
Companies can have sales on items that can bring in consumers, which would fall under the fixed pricing strategy. Fixed pricing is when a product is sold at a certain price and consumers must either take it or leave it. Dynamic pricing usually works better for bigger items, such as cars or other motor vehicles, for example.
Influencing price perception
To impact your audience’s price perception, you should conduct thorough research of the awards market and your competitors. Consumers perceive prices as being the prime indicator to presume the quality of your products. An impressive amount of research done in pricing will relate to the consumer’s quality perception and the quality of products or services. Consumer psychology is also affected and will also eventually affect the market share. Be sure to consider this when pricing your program.
Having a poor price perception amongst your customers means losing attention, loyalty, and profit. If a company is able to influence the perception that online registrants have about prices, such that they deem a price to be a good value, then the company can start to demand whatever price they want for their awards programs.
Setting up your pricing strategy
Here are the easy steps to creating the right type of pricing model:
1: Determine your business goals and make them SMART goals. Everything about your marketing and sales GTM strategy is determined by how you make money.
2: Conduct thorough market research and competitor pricing analyses.
3: Analyse your target audience to find out what they want and expect.
4: Profile your competitive landscape to see the whole picture.
5: Create a pricing strategy and execution plan.
In short, to set up your pricing strategy, refer to all the various methods you have to meet the goal of psychological pricing, namely, to increase demand by creating an illusion of enhanced value for the customer. When you set up your pricing while taking into account these key psychological aspects, you can create a winning event pricing strategy.
Best practices
Best practices for awards planning may be excellent examples of how your pricing plan should look and function to bring you the desired results. Bringing the best practices from the B2C segment to B2B and creating a seamless customer journey by connecting all digital platforms is the best practice that Judgify offers to event planners. Taking a creative and unique approach to awards management will be your hidden power.
Communicating your message effectively
To communicate your message via your strategy more effectively and build a strong awards program brand, follow the tips below:
- Keep the message simple but deep in meaning.
- Build only data-driven, behaviour-based market and customer insights.
- Use the discipline of an awards program.
- Think broader than normal.
- Put on your “real person” hat.
- Tell a real story.
- Use social media channels to create a buzz and go viral.
- Use 21st century media coverage.
- Make the necessary investments.
- Don’t let your price contradict the message.
The registration experience
To set up your event registration and ticketing, payment, and pricing awards options, go to your Judgify account and Set Payment Options, located at the top of the options menu. If you’ve created an event schedule with multiple dates or times, the payment processor you choose will be set up the same for each individual event in your schedule. You may set pricing tactics in a customized or standardised way as well as correct them or update them any time you need.
Сall to action
Feel free to contact us for any help with your awards programs.
Why Judgify
To organise excellent awards planning and management and, more importantly, to get a judging module for automated processing and reporting, Judgify is the perfect awards solution. It will be very helpful to use an award ceremony event management platform like this to achieve a top-notch managing process. From the point of view of the event organiser, using Judgify modules and automated data processing will not only give event organisers the opportunity to leave more vivid impressions on their participants during the event but also help them analyse what happened as well as better plan and manage future events. Besides, we provide the best events pricing.
Features and benefits
Using a special software product to simply and effectively carry out registration and ticketing for events, set prices, and design and print tickets, use the awards management software from Judgify. It will allow you to set prices, organise a flawless registration process, arrange professional awards judging and public voting, develop tickets with individual designs, and other useful help from top-tier professionals. You benefit simply because your whole awards program job is done on a single platform.
Conclusion
With the help of our guide to pricing awards, professional support, and pricing tips, you will find it easier, based on your market peculiarities, to set up an awards pricing policy, and you will be able to boost your sales by differentiating prices. It is recommended to use professional awards software to establish deadline ticket prices, choose event ticket payment platforms, come up with discounts, and execute your awards strategy with the best chance for success. Let us know what you think!
Good luck!