Well into the 20th century, miners used canaries as a way to detect methane and carbon monoxide in mines. As long as a canary was singing, all was well. If a canary died, it was time to abandon the mine immediately. It meant the oxygen was running out.
I’ve been in the business world for over 40 years and I’ve lost count of the number of times that discounting has exacerbated a sales decline it was intended to avert. Conversely, I’ve seen sale declines turn around with amazing alacrity through more focused, value-oriented marketing messages.
Think that coupon marketing is just for the bigger domineering brands? Think again. Digital coupons are an easy and effective way of attracting new customers and rewarding existing customers. 92% of consumers used a coupon in 2013.
From the perspective of the digital consumer, the lines between online and offline have blurred; given this, most are looking for integrated shopping experiences, and retailers better take note and do something about it.
Until we and the customer have really internalized why they need to buy, every deal is at risk. What are they trying to achieve? Why are they trying to do it? What are the consequences of not doing it? Why is it important to them now? What’s driving their need to do something?
Trade promotion is a tricky subject because of the sheer amount of money that is at risk. Often, trade promotions will be the most expensive marketing tool that is used for the year and it has the potential to either make or break a company.
I missed the irony on my first read of the email in which a marketing firm talked about pricing. The second reading left me laughing. It never ceases to amaze me how alluring low prices are to sellers.
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