November 3rd is National Sandwich Day, but we’re such big fans of sandwiches that we’d love to talk about them now. Just hold on a second, it’s probably not what you’re thinking, we’re talking about sandwich marketing.
But the term sandwich marketing could mean two things for your business. In the past couple of years, we’ve talked about the sandwich pricing strategy and a more literal take on the term, marketing based on sandwiches.
The Two Types of Sandwich Marketing
One type of sandwich marketing is a pricing strategy. Basically, you “sandwich” a competitor’s price between a more and less expensive offer of yours, or you create a sandwich with three of your own products. This strategy has a strong psychological impact that helps drive sales based on perceived value and choice.
The other kind of sandwich marketing we’ve discussed is from Popeye’s and their infamous chicken sandwich that created the chicken wars back in 2019. Their success was not a one-off, short-lived event, it propelled them to a strong 2020 and an overall better reputation. The lesson here was not so much about the sandwich, it was about the several marketing successes they used along the way including:
- A high-quality, in-demand product
- Impeccable timing
- Social media engagement with a spot-on brand voice
- Creating scarcity
Marketing in 2021
So, which sandwich is for you? The pricing strategy or the marketing genius we learned from the release of a sandwich? If you sell more than one variation of a similar product or service, chances are that the answer is both! Here’s what to keep in mind:
- Price signifies value. This is why it’s NOT always smart to just offer the lowest price. You’re speaking about your value with the price, which is why sandwiching is so effective.
- Plan ahead. Both types of “sandwiching” strategies require you to have a solid strategy ahead of time. You must monitor industry trends and competitors.
- Branching out. Whether you’re adding products, pricing options, or both, you have to make sure you have the ability to expand and innovate.
- Get the word out. Let’s say you do add new price tiers, or just have a new release you want to make a big splash. You’ve got to set the stage and spread the word. How do you do that in 2021? Social media (hello, TikTok), and maybe poking some fun at the competition.
Any good sandwich requires a little zest, innovation, and heartiness, just like any good marketing strategy. How do you plan to use sandwich marketing in 2021?