Of course they do. But\u2026and this is a HUGE BUT\u2026<\/p>\n
You will tarnish the luxurious presence of your brand if you do them too often.<\/p>\n
Everyone 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.<\/p>\n
Most businesses are not Wal-Mart or Home Goods.<\/p>\n
Most businesses are service businesses. That’s what America has become.<\/p>\n
If you normally sell a product for $97, and you discount it down to $47. What happens?<\/p>\n
The people who were interested in the product will immediately jump on the offer.<\/p>\n
If 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.<\/p>\n
But what happens over time?<\/p>\n
People become numb to the discount altogether.<\/p>\n
The best brands don\u2019t discount (or very rarely do).<\/p>\n
Rolex, Bentley, Chanel, Hermes, Apple, etc.<\/p>\n
These brands are always in demand.<\/p>\n
The line for the Apple store is out the store.<\/p>\n
Their 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.<\/p>\n
When you discount, it\u2019s not so cool anymore.<\/p>\n
Discounting goes directly in the face of that.<\/p>\n
If 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<\/p>\n
They don\u2019t want to be a part of the party.<\/p>\n
And sometimes, you see brands doing it practically every weekend.<\/p>\n
Discount on Product A.<\/strong>\u00a0Limited Time Only.<\/strong><\/p>\n Then, one week later.<\/p>\n Discount on Product B. Limited Time Only.<\/p>\n Then, one month later.<\/p>\n Discount on Product A. Limited Time Only.<\/p>\n Do you believe a brand like this?<\/p>\n When, you fib, your brand takes a HUGE hit.<\/p>\n And customers don\u2019t like being deceived.<\/p>\n When 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.<\/p>\n Not 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.<\/p>\n I would reserve your discounts for special times of the year.<\/p>\n If 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!<\/p>\n Don\u2019t backpedal.<\/p>\n If 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.<\/p>\n Every time you take a quick shortcut\u2026<\/p>\n You hurt your long-term brand.
\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>
\n<\/p>\n