Latest / Social Media Marketing with Fexingo: Instagram, TikTok, LinkedIn, and Platform Strategy / How Brands Use Social Media to Test Pricing
Transcript
- Lucas: So Luna, I was scrolling through Instagram the other day and I saw something interesting — a skincare brand I follow ran a story poll asking if their followers would pay forty-two dollars for a new serum. Luna: Wait, they just flat out asked that in a poll? Lucas: Yeah, and it got me thinking about how brands use social media to test pricing before they actually commit to a number. It's not just about surveys anymore — it's real-time, public, and kind of risky, but also super effective. Luna: That's actually a great topic because we usually talk about product validation, but pricing is a whole other beast. So what's the deal — are brands just throwing out numbers and seeing what sticks? Lucas: Sometimes, but it's more strategic than that. Let's dig into a few examples that show how it actually works. Luna: Before you go deep — if this conversation has sparked something you've actually used in your own work, that's exactly why we keep doing this show. These episodes stay ad-free because of listener support, so if today was useful, you can buy me a coffee at buy me a coffee dot com slash fexingo. Lucas: Yeah, it genuinely helps us keep going. And honestly, a lot of what we talk about comes from questions listeners send us, so it's a two-way street. Luna: Alright, so back to pricing — you mentioned that skincare brand. What did they do exactly? Lucas: So they ran a series of Instagram Stories — first a poll with forty-two dollars, then a different poll with thirty-eight dollars, and then a slider question asking what price point felt fair. They got hundreds of responses in a day, and it basically told them their sweet spot was around forty. Luna: That's smart because you're getting real engagement, not just a passive survey. But isn't there a risk that you're anchoring people to a lower price than you planned? Lucas: There's definitely a risk of anchoring. If you show forty-two first, people might think that's the ceiling, and then thirty-eight feels like a deal. But that's actually the psychology some brands want to leverage. Luna: So they're using social media as a way to test price elasticity in real time. Have you seen any brands do this on TikTok? Lucas: Oh, all the time. There's a DTC sneaker brand that posted a video showing two price points — one hundred ten versus one hundred thirty — and asked people to comment which they'd pay. The comments were brutal, but they got a clear signal. Luna: Brutal how? Lucas: People were saying 'not a chance at one thirty' and 'I'd wait for a sale.' But that's exactly the kind of honest feedback you can't get from a traditional focus group, where people try to be polite. Luna: Right, on social media you get unfiltered reactions. But what about B2B? I feel like LinkedIn polls would be a better fit for that. Lucas: Exactly. I saw a SaaS company run a LinkedIn poll asking their audience to choose between three pricing tiers for a new feature. They framed it as 'we're deciding between these' and got a ton of engagement from actual decision-makers. Luna: So they're using their followers as a de facto pricing committee. That's clever because it also builds buy-in before they've even launched. Lucas: Yeah, and the more transparent you are, the more people feel like they're part of the process. But there's a fine line between being transparent and looking like you don't know what you're doing. Luna: That's what I was thinking. How do you avoid that? Lucas: You frame it as 'we have a few options and we want your input,' not 'we have no idea what to charge.' The skincare brand I mentioned did that well — they presented it as a community decision. Luna: So what's the downside? I mean, beyond looking indecisive — there's also the risk that you're showing your hand to competitors. Lucas: That's a real concern. If you're testing a price publicly, your competitors can see exactly what you're considering. That's why some brands only test with a segment of their audience or use private communities. Luna: So it's not just a one-size-fits-all approach. What about the actual mechanics — is it just polls, or are there other ways to test? Lucas: You can do things like run a limited-time discount code and see how many people actually use it at a certain price point. Or you can post a mock product page with a price and see if people click 'add to cart.' Luna: That's like a soft launch without actually selling anything. Have you seen any brands get burned by not testing? Lucas: There was a coffee brand that launched a subscription at twenty-five dollars a bag, and their social audience immediately said that was way too high. They had to pivot and offer a discount to save face. Luna: That's a classic example of why you test before you commit. But doesn't testing take time? I feel like some brands just want to get to market fast. Lucas: It can take a few days, but it's faster than a traditional focus group, which can take weeks. And the data is more authentic because it's from your real audience, not a random panel. Luna: So what's the one takeaway you want listeners to remember? Lucas: Social media gives you a direct line to your customers' price sensitivity, but you have to be strategic about it — use it as a listening tool, not a decision-maker. Combine it with your own cost analysis and you'll be in a much better place. Luna: And maybe don't ask your followers if they'd pay anything if you're not ready for the answer. Lucas: Ha, exactly. That's the real lesson.