Do Discounts Work?<\/h2>\r\nOf course they do. But\u2026and this is a HUGE BUT\u2026\r\n\r\nYou will tarnish the luxurious presence of your brand if you do them too often.\r\n\r\nEveryone wants a deal\u2026but your brand will weaken nearly every time you do it, unless your brand is centered around the idea of discounting, in which case you will be doing a service and benefit to your customers who specifically go to you FOR a deal.\r\n\r\nMost businesses are not Wal-Mart or Home Goods.\r\n\r\nMost businesses are service businesses. That’s what America has become.\r\n\r\nIf you normally sell a product for $97, and you discount it down to $47. What happens?\r\n\r\nThe people who were interested in the product will immediately jump on the offer.\r\n\r\nIf you add a time limit to the deal, they will jump even quicker due to fear of missing out on the too-good-to-be-true offer.\r\n\r\nBut what happens over time?\r\n\r\nPeople become numb to the discount altogether.\r\n\r\nThe best brands don\u2019t discount (or very rarely do).\r\n\r\nRolex, Bentley, Chanel, Hermes, Apple, etc.\r\n\r\nThese brands are always in demand.\r\n\r\nThe line for the Apple store is out the store.\r\n\r\nTheir products are great, but they\u2019ve tapped into the human psyche of making you want it so bad because it\u2019s the cool thing to have.\r\n\r\nWhen you discount, it\u2019s not so cool anymore.\r\n

We love exclusivity\u2026<\/h4>\r\nDiscounting goes directly in the face of that.\r\n\r\nIf you slash the price from $97 to $47, the people on your list will buy, but what about new prospects you\u2019re trying to get to come into your brand\u2026\r\n\r\nThey don\u2019t want to be a part of the party.\r\n\r\nAnd sometimes, you see brands doing it practically every weekend.\r\n\r\nDiscount on Product A.<\/strong>\u00a0Limited Time Only.<\/strong>\r\n\r\nThen, one week later.\r\n\r\nDiscount on Product B. Limited Time Only.\r\n\r\nThen, one month later.\r\n\r\nDiscount on Product A. Limited Time Only.\r\n\r\nDo you believe a brand like this?\r\n\r\nWhen, you fib, your brand takes a HUGE hit.\r\n\r\nAnd customers don\u2019t like being deceived.\r\n\r\nWhen you say, Limited Time Only, but then you ran the same discount again, you are subtly deceiving your customers. It won\u2019t work in the long-term.\r\n\r\nNot only that, but everyone who paid full price, suddenly gets annoyed that you just ran a discount and gave hundreds or thousands of people the same product for a cheaper price.\r\n\r\nI would reserve your discounts for special times of the year.\r\n\r\nIf you\u2019re going to run it, run it for Black Friday or Cyber Monday, and maybe one or two other times a year. And when you run it, stick to the plan and your timelines!\r\n\r\nDon\u2019t backpedal.\r\n\r\nIf someone asks for a discount after it expired, be very wary of who you give it to. i do believe in doing favors for customers who have been with you for a long time, but don\u2019t just open the doors to everyone because it\u2019s a potential sale.\r\n\r\nEvery time you take a quick shortcut\u2026\r\n\r\nYou hurt your long-term brand.\r\nIf you would like to hop on a call with us to go over things related to business, please schedule a time here. We do a one hour deep dive where we go over your needs as it relates to business expansion.<\/strong>\r\n\r\n

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