Over the past few months, I carried a brief analysis on my website and noticed that the most-read article ever written by me is – How to Price Your Products and Services. It receives 338 reading over the year. This is followed by a relatively new article – the Capital Adequacy of Banks and MFIs which received 165 readerships. Overall, 2,755 readers were polled through various channels.
As an author, I see what people are interested in reading and would like to evoke my strategy. But before I do so, I would like you to read just two of the pricing strategies that are common. Then I shall tell you the Silverman Pricing Strategy.
It is a pricing strategy where the price of a product is initially set low to rapidly reach a wide fraction of the market and initiate word of mouth. The strategy works on the expectation that customers will switch to the new brand because of the lower price.
It is a pricing strategy in which a marketer sets a relatively high initial price for a product or service at first, then lowers the price over time. It is a temporal version of price discrimination/yield management.
Articles published are read for free. This helps readers to make comments and suggestions. After a while, these articles are converted into chapters of a book. The book is formatted, reviewed, cover designed and published. Almost the same readers who read for free now buy the book for a little price. That is my pricing-cum-marketing strategy.
This pricing strategy contains 3 elements – charity, patience and innovation
- Charity – this is based on social enterprise philosophy. I combine the Word of God with charity in reaching out to the public in my writings. Not intended for making money in the first hand.
- Patience – there is long-suffering in this. You wait to have feedback and adjust, edit and improve the final material before it becomes a book. It is the perfect method of self-improvement.
- Innovation – many authors write for the purpose of making money. Mine contains a combination of innovation, from the spiritual world into the physical, and relating every management and accounting theories to personal development from the perspective of God. It is a novel that combines both worlds. Every business principle must issue from God. Whatever is not issued from God shall perish in the Judgement!
In the future, Silverman Pricing Strategy shall be integrated into people’s business pricing strategy. Then it becomes a strategy that shall be taught in schools and colleges.
Mark my words!