Sunday, November 10, 2013
Pricing strategies for Libraries
In Breakthrough Branding: Positioning Your Library to Survive and Thrive, the authors discussed price strategies for libraries. As pointed out by the authors, pricing strategies are perhaps the most critical and most misunderstood and underutilized when it comes to libraries. The common positioning and pricing premise utilized by most libraries is "free" for all. While free may bring customers in the door or to the website, but it does not mean that they will leave with more than they came for, nor actually use what they take. Also, the precedent of offering something for free sets up barriers to the introduction of more strategic approaches. One example the authors provide is the Columbus Metropolitan Library, their pricing strategies enabled program expansion beyond the library's individual capability. They target a specific market and develop programs in-depth, which leads to partnerships with outside funding agencies. While an example that demonstrate how pricing strategy works in library is great, I would like to learn more on other pricing techniques use by libraries. At the end of the section, the authors also added the 5th "P" - People Strategies. The people strategies call for building relationships with customers as strategic partners, this will enables the library to realize its potential.
Interesting take on "free" pricing used to drive traffic.
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