Of course they do. But…and this is a HUGE but…
You risk tarnishing the luxurious presence of your brand if you offer discounts too often.
Everyone loves a deal—but your brand weakens almost every time you discount, unless your brand’s entire identity is built around offering deals. In that case, you’re actually providing a service and benefit to customers who come to you specifically for a deal.
Most businesses, however, aren’t Wal-Mart or HomeGoods. Most are service-based businesses—and that’s what America has become.
So what happens if you normally sell a product for $97 and discount it down to $47?
The people already interested will jump on the offer immediately. If you add a time limit, they’ll act even faster—fear of missing out (FOMO) is a powerful motivator.
But over time? People become numb to the discount.
The best brands rarely discount. Rolex, Bentley, Chanel, Hermes, Apple—they’re always in demand.
Apple stores have lines out the door, not because they’re the cheapest option, but because they’ve tapped into the human psyche. They make us want their products—they make their brand cool and exclusive.
When you discount, it stops being cool.
We all crave exclusivity. Discounting goes directly against that.
Sure, if you slash your price from $97 to $47, your current list will buy. But what about new prospects you want to attract? They don’t want to join a party where the tickets are always discounted.
Have you ever seen brands running discounts practically every weekend?
Discount on Product A. Limited time only!
One week later: Discount on Product B. Limited time only!
One month later: Discount on Product A again. Limited time only!
Do you really trust a brand like that?
When you fib on “limited time only,” your brand takes a huge hit. Customers don’t like being deceived.
And what about those who bought at full price? They get annoyed knowing hundreds or thousands just got the same product cheaper.
So, my advice: reserve your discounts for special times of the year.
Think Black Friday, Cyber Monday, maybe one or two other times annually. When you do run discounts, stick to your timeline. Don’t backpedal.
If someone asks for a discount after it expires, be cautious. I believe in doing favors for loyal customers—but don’t open the floodgates just because it might mean a sale.
Every time you take a quick shortcut with discounts, you hurt your brand’s long-term value.
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