Is your brand always on sale?
Hmmm. They say it’s a tough economy. They say it’s hard out here for a budding entrepreneur, or business owner, or worker bee, but perception is not always reality.
If you follow me on Facebook, a couple of weeks ago you may have noticed a dilemma I had with buying a new designer handbag. My favorite bag brands are Coach and L.o.u.i.s. V.u.i.t.t.o.n. Through a friend I found out about an invitation-only online Coach Factory outlet and I waited for weeks anticipating the next sale.
Well… the next sale came. I bought. I jumped. It was awesome (I even bought 10 bags, to give away to clients… they’ll be surprised and so pleased) and I was excited that my bags were on their way.
Then… the next day a NEW sale began. The bags were a bit different. The limit was the same. The thrill was a little less so. I browsed. I bought another bag. And I moved on.
One week later… yet ANOTHER sale began. “Gee, this is getting kinda stale” I thought. I checked it out, just to see “why” and I couldn’t find a reason to reach deep into my pockets yet again.
Then, as if by clockwork, every several days I started to get an email with the newest 24-hours only sale. I already had my bags in hand. I love them. But I just didn’t feed compelled to get another bag just because.
So this got me to thinking. How often do we put our brands on sale? Do you have a service that, when paid in full always yields a discount? When funds are low or volatile do you throw up an impromptu sale? It can be good in a special circumstance but if you find that you’re doing this often (more than once or twice a year) it actually has the opposite effect.
Who will buy from you, at full price, if they know “if I just hold out a few more weeks or months, I’ll get it for much much less?” After getting all of my Coach emails I started to feel the brand dilute in my mind a bit. I started perusing the L.o.u.i.s. V.u.i.t.t.o.n. site with more frequency. I “desired” Lo.u.i.s. V.u.i.t.t.o.n. more because it seemed more value-crafted.
It’s a small comparison, but one I think we as business owners (especially service based business owners) need to take a look at. Have you found yourself with thoughts like this one way or the other? Share them in the comments below
I agree Beatrice. As a life transitions coach, I get many emails where there is an act now and receive early bird discount of xyz, or if you purchase this, you also get this xyz bonus now. I think value is created when our clients or potential clients experience the value first hand of what we have to offer. And somewhat related to your previous post, real experience speaks more clearly and deeply than education or intellectual know hows. Thank you for pointing out how we need to value our brand.
I love this perspective, Beatrice! I agree that our brand can lose value by putting things on sale. I moved to a “the price is the price” model for my last launch and it worked well. I know the price of the program will go up as it gains even more traction and then the “new price will be the price”.
Thanks for sharing!