It’s the holiday season and you know what that means: Sales! Sales! Sales!
Black Friday, Clearance Sales, 20% Off, 70% Off, Limited Supply!
That last 5 weeks or so of the year starting after Thanksgiving are huge with most retailers – both online an off. It’s become almost a requirement to offer some sort of big discount come holiday shopping season.
For the most part, it works! Everybody is out shopping, so what they lose in price they make up for in quantity. You want to get as many customers as you can, especially if you have old inventory that you want to move.
But I recently was learning about a study done on buyer psychology, and the very real possibility that you could be hurting your brand with all these discounts. We feel like we’re just keeping up with everyone else, but are we missing an opportunity to really set ourselves apart?
Discounting Our Brand?
As an affiliate marketer, you’re constantly marketing other people’s products and services. So what really matters is that you create and establish your own BRAND. You’re the go-to guy for health and wellness products and info, or the marketing expert on Forex software and services. The products you promote will cycle in and out, but your customers won’t care because they will be loyal and trusting of YOU, not the individual products.
The same way that people loyally shop at Macy’s, Wal-Mart, Sears, Home Depot, etc. The store has established their brand and therefore earned the loyalty of their customers.
With that said, think of Wal-Mart. They have a great business model and are a huge business success. But what do you think about when you think of them? Most people will associate the store with very low-cost merchandise. The ‘Lowest Prices’ on ‘x’ as some of their commercials advertise. This doesn’t mean that everything in the store is the cheapest, or that they don’t carry any expensive, high quality items. But that is the common opinion and thought process about the store.
Now think about Apple. They are known to sell expensive products and most of their products are more expensive then their competition. But they also have a reputation for quality and innovation, and they have a very loyal customer base. They also have a long standing practice of almost never discounting their merchandise. And the rare times they do, it’s not more then 7-10%. That’s not very much compared to the 50-70% off you hear about around holiday season.
Yet Apple is a powerful, billion dollar company with an amazing reputation. Tourists flock their corporate offices and take pictures. Can you imagine seeing tourists hanging out where you work to take pictures??
Food For Thought Read more…