For those customers who use only social media, it is important to set such pricing goals as building brand awareness and engaging customers in communication. The primary objective is dynamic raising pricing, which would allow for attracting customers and community growth. It seems to be useful to focus on the website traffic by connecting the social media presence to the company’s official website for further purchases. For this objective, attention should be paid to making sure that the posts being published are strategic and that the content is persuasive. In turn, the website should contain thoughtful posts, which can be referred to an outsourcing company or provided by the internal personnel.
The sensitivity of social media customers significantly depends on the factors of switching costs and fairness. Since social media provides more search opportunities, customers can select from various options compared to the limited choice of those who do not use social media. Emotional attachment is another factor that can be noted in terms of price sensitivity, as social media users are more likely to be committed to the brands they value. At the same time, the ethical dilemmas or any negative events which involve the company can lead to deteriorating relationships with users. For example, the perceived unfairness of prices, which is intended to achieve profit maximization, can increase price sensitivity.
Product bundling pricing refers to the combination of two or more services or products to offer a comprehensive package. In the given case, it can be a good option to address the perceived unfairness of pricing by showing users that they receive more than expected. As a result, such a strategy promotes buying more than one product and produces a unique value effect.
To meet and exceed the needs of social media users, the company’s pricing should be flexible and include discounts and promotional strategies. For example, it is possible to integrate Agile technology that implies sprints and estimated total points to achieve. Depending on the progress of the previous sprint, new ones are to be designed with the necessary changes. Line balancing is one of the considerations to take into account as it means each of the products offered by the company should be assigned a certain extent of value to allocate the workload. In addition, information flows and quality checks are important to discuss price adaptations.