The Personality Prescription, Part 2 – Never Cut Price
Dropping price to be competitive means we’re only working harder to put ourselves out of business sooner.
Dropping price to be competitive means we’re only working harder to put ourselves out of business sooner.
If the epic failure, Groupon, taught us anything, it was that there is no value in attracting a bunch of cheap customers.
The real trick is to learn how to read between the lines and ascertain the root objection.
“We will match the price of our competitors on any similar product.” With one sentence, he converted us from relational buyers to transactional ones.
Walmart is the richest retailer on the planet. They use the gravitational pull better than anyone else. But gravity is the weakest force.
Just like the friends that go to your neighbor’s party when the freebies are gone, Transactional Customers mooch from you until there’s nothing left to give.
4 families in 5 use coupons, but not because the coupon instigated the purchase. Rather, they use the coupon because there was a coupon to be used.