I met up with one of my colleagues who has a shop. As we were chatting, she told me that she had a special and wanted me to buy her goods. Since I wanted the product month end, I just decided to buy earlier. To my surprise she gave me two items for the price of one. I looked at her and said, I do not need the second item, she explained that it was the SPECIAL, the price of one for two… and again I said no! She says; you can just keep it in your house or give someone else? I said NO. Give me one, I do not need the other. In my mind these where my thoughts: what is the real value of the product anyway? I definitely can get the same somewhere and cheaper? what value has she added to these goods? Is this the best in the market??? I do not trust these goods!!!
Entrepreneurs!!! Be careful. Clearly it is not everyday that BOGOF works. Imagine Buy one (car) and get one FREE? Or Buy one (pet-a hamster) get one FREE. Most customers wonder if one is FREE then what is the real value of the product?
My tip for you today is be careful with how you promote your products. It has implications on your BRAND EQUITY. You just need to make sure it does not overly erode what you have invested in. Remember, perception is always REALITY to customers. So you always want them to perceive your brand at the level you want.
My husband is a successful entrepreneur and when he designed a program on pricing issues that every entrepreneur should know, I was very impressed on how he linked it to Brand Equity. He has allowed me to share limited copies as it is part of a book he is writing. So today I can only give you:
1. If you sign up for my blog by clicking FOLLOW and putting in your email OR
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Just to give you ideas on the value of the article:
You will get to understand various ways you can price your goods/services to increase cashflows whilst making sure you do not erode your equity. Common pricing methods: ‘was $100, now $50’, ” get 5 items for $3″, ” $3 Now, $5 tomorrow and $10 on the day”, just to mention a few!!
This is EXCLUSIVE and limited to the first few hundred!
Happy week and make sure you are building towards your first Million dollars one block at a time. Do NOT give up!