Use rounded prices instead of “charm prices” to make marketing strategies more ethical

New Ideas in MarketingEssential news for marketers, summarised by YouGov
December 18, 2019, 2:39 AM UTC

Maintain authenticity on social media by creating more conversations in place of promotional posts.

This article argues that marketers should be ethical, environmentally-conscious and help consumers make better choices. Integrating ethics into marketing will not only “curb unnecessary consumerism” but also strengthen customer relationships.

The author recommends rejecting pricing manipulations, such as “charm prices” ending in 9 ($3.99, $549), along with urgency or scarcity tactics. Since a product’s perceived value is higher than the price, brands should highlight the product’s benefit to ethically close a sale.

Marketers should foster honesty and transparency as customers want to know the process of making products. If organisations can’t be fully transparent of their supply chain, they should optimise it in order to contribute towards a sustainable future.

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