Sunday, January 3, 2010

Good Marketing Tip #223

Each week I provide you with good marketing tips that can improve the overall effectiveness of your online and offline campaigns.  This week,my tip is designed for the new year.  Instead of focusing on discounting, focus on value.

Each year we say we wont do it.  We say that we are going to avoid discounting but inevitably we give in.  I think this year can be different.  My challenge to you is to focus on value.  This is what good marketing is all about.  Are you offering your products at a fair price in a way that makes sense for both you and your customers?

I know that at certain times during the year you need to discount.  Once could argue that discounting also makes tracking a lot easier.  So if you can't eliminate discounting all together, consider selective discounting and limit it as much as you can.  Instead, replace your discount with something of value.

When I work with customers I find that many of them must work hard at defining something of true value to offer customers.  But creating value is relatively easy if you know your customers well.  For example, if you are a shoe store, perhaps you can offer a customer fitting.  Or maybe you offer some time of "exclusive showing" when new styles arrive for your best customers.  Whatever the value happens to be, make sure to promote it in place of a discount.

For 2010, think value. Try to break your habit of discounting this year and everyone will benefit.


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