Week Two Lesson A
Lesson Plan: Understanding Pricing Strategies in the Sharing Economy and Digital Markets
Objective: To explore advanced pricing strategies in the context of the sharing economy and digital markets, focusing on Pay What You Want (PWYW) and Freemium models.
- Introduction to the Sharing Economy (20 minutes)
- Define the Sharing Economy: digital platforms facilitating temporary access to resources.
- Discuss characteristics: Two-sided platform, crowdsourced supply, access over ownership, role of “Prosumers”.
- Examples: Uber, RentTheRunway.com, LendingClub.com, Airbnb.
- Key Concepts in Pricing Strategy (30 minutes)
- Break-even analysis, price elasticity, and reference price.
- Different pricing strategies: cost-plus pricing, competitor-based pricing, value-based pricing.
- Discussion on price knowledge among customers.
- Pricing in the Digital Age (30 minutes)
- Understand how digital tools are changing pricing strategies.
- Introduce and define the Freemium model and PWYW pricing strategy.
- Freemium Model Explained (40 minutes)
- Deep dive into the Freemium model: how it works, benefits, challenges.
- Case studies of successful Freemium model applications in digital businesses.
- Pay What You Want (PWYW) Strategy (40 minutes)
- Detailed exploration of PWYW: concept, strategies, and psychological factors.
- Interactive activity: Students hypothesize success factors of PWYW in various industries.
- Discuss ethical and economic implications of PWYW.
- Case Studies and Real-World Applications (40 minutes)
- Analyze real-world cases employing PWYW pricing strategies.
- Discussion on why some PWYW strategies succeed while others fail.
- Emerging Trends in Digital Pricing (30 minutes)
- Explore how emerging digital concepts like PWYW and Freemium are reshaping traditional pricing strategies.
- Discuss potential future trends in digital market pricing.
- Interactive Q&A Session (30 minutes)
- Open forum for students to ask questions, share insights, and discuss personal experiences with digital pricing models.
- Recap key lessons and reinforce the importance of innovative pricing strategies in digital marketing.
- Group Discussion: Debate the ethical implications of value-based pricing during crises (e.g., price of masks during a health crisis).
- Practical Exercise: Design a PWYW campaign for a hypothetical product, considering target audience and market conditions.
Emphasize the dynamic nature of pricing in the digital age, highlighting how innovative models like Freemium and PWYW can offer competitive advantages while also presenting unique challenges. Encourage students to think critically about the application of these strategies in diverse market segments.
Navigating Online Platforms for Content Creators
Understanding and Leveraging Online Resources
- Wikipedia (https://en.wikipedia.org/wiki/Main_Page)
- Nature: A vast, user-edited online encyclopedia covering almost every conceivable topic.
- Use for Creators: Research and verification of facts, understanding of various topics.
- Approach: While Wikipedia is a good starting point for research, always cross-reference with more authoritative sources for accuracy.
- Medium (https://medium.com/)
- Nature: A platform for writers to publish articles on various subjects.
- Use for Creators: Ideal for publishing thought leadership pieces, storytelling, and sharing insights in a more narrative format.
- Approach: Engage with other writers, comment positively on their work, and share your articles on other social networks for broader reach.
- Quora (https://www.quora.com/)
- Nature: A question-and-answer platform where questions are asked, answered, and edited by internet users.
- Use for Creators: Share expertise by answering questions, establish authority in your field.
- Approach: Focus on providing value in your answers; consider how each answer enhances your personal brand.
- LinkedIn (https://www.linkedin.com/)
- Nature: A professional networking site where you can connect with colleagues, industry leaders, and potential employers.
- Use for Creators: Networking, personal branding, job searching, and professional development.
- Approach: Create a detailed profile, engage with content in your industry, share your own insights and content. Regularly update your profile to showcase your latest achievements and skills.
Important Resource to Read
- LYFE Marketing Blog on Types of Marketing Strategies (https://www.lyfemarketing.com/blog/types-of-marketing-strategies/)
- Nature: A comprehensive guide covering various marketing strategies.
- Use for Creators: Understand different marketing strategies to promote content effectively.
- Approach: Apply the strategies that align with your content type and audience. Experiment with different tactics to see what works best for your goals.
Tips for Effective Use of These Platforms
- Engage Positively: Always maintain a positive tone in your interactions. Even in disagreement, be respectful and constructive.
- Consistency is Key: Regularly update your profiles and engage with other users. Consistency helps in building a loyal following.
- Personal Branding: Use these platforms to build and enhance your personal brand. Be authentic and let your unique voice shine through.
- Cross-Promotion: Leverage different platforms to cross-promote your content. Each platform offers unique ways to engage with your audience.
- Continuous Learning: Stay open to learning from others. These platforms are excellent resources for gaining new insights and perspectives.
Each of these platforms offers unique opportunities for content creators to learn, share, and grow their audience. By understanding the nature of each and using them strategically, you can enhance your online presence and impact.