Deep Discouting is a Way of Life

If you're not careful, deep discounting can become a way of life.  Mediocre and dying companies rely on deep discounting like a co-dependent lover, continually getting beat up when they should have just walked away.  In an all out price war, no one wins.  Not you, because you just lose profits, and not the consumer, because they lose in quality.

Before you get caught up in some vicious price war, you might want to consider a couple things.

How much better would the product experience get if, instead of discounting, you redirected that money into making it exceptional?

Let's face it, sometimes you have a dying product, and to move it, you have to discount.  If you don't feel that way about your product, how else do you raise demand?  By surprising the customer with an experience they didn't expect.  That means remarkable customer service.  That means serving steak when everyone else is hocking peanuts.  It means giving treatment that consumers deserve, and at a reasonable price. 

Instead of giving the customer a lesser product for less dollars, give them an amazing experience that they can't forget, and they can't help but share.

Have you made the product experience valuable enough so that the customer not only feels like it's worth more, but might even be willing to pay more for it?

The word "value" may be overused, but intrinsically, value can't be.  Marketability is found in a product that someone is willing to pay more for than you charge because of the way it makes them feel, not necessarily based on the cost of production.  Your company's life expectancy lies with providing consumers with real satisfaction in buying a product that's right for them.  Help confirm their good decision.

Comments

[noah kagan]

love this entry. i think too many people give discounts to customers who would pay full price and not the right offering to the ones who do need it.