Loyal to the brand, or loyal to the Bribe?
I’d been going through “Blade” Magazine, which is about knives, and the lion’s share of all the space ads in there mentioned two things: The name of the company, and “lowest prices.”
Neither of these things are very compelling, and in fact, I’d bet simply by saying you’re the “highest priced knife on the marketplace” and then telling why, you’d get business.
Anyway, here’s the thing with respect to “low low prices!” When you train your customers to buy based on price, they become loyal to the bribe, and not loyal to you. As an example, if a new retailer came out on the marketplace today, and their whole sales pitch was “We promise to be THE lowest-priced store in town — we’ll even beat WAL-MART hands-down, on every single item in stock.”
What do you think would happen here? Do you think everyone would stay put and stay faithful to Wal-Mart? I think not. Sure you’d have a few die-hards, but for the most part, Wal-Mart’s customers would RUN as fast as they can to this other place.
But remember this, while being loyal to you is far more important, and makes pricing FAR less important, if you want that kind of loyalty, you’re going… to have to… earn it!
Now go sell something, Craig Garber
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