Everyone loves a discount, or do they?

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Everyone loves a discount, or do they?
Martechcube
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We live in a world of discounts in 2023. No
sooner have the ads been screaming at us about
Black Friday and Cyber Monday, then its
Christmas, Easter, Labor Day and so on and so
forth. No one can argue that we love a discount.
Why not take the opportunity to get something for
less, so we have bragging rights at the office or
dinner table. However, from a business owners
perspective, especially an SMB, getting discount
happy and expecting to run your whole operation
on this basis can be incredibly dangerous for
long-term profitability and indeed customer
loyalty. You run the risk of being just like
everybody else, a commodity, and forcing your
customers into a wait and see approach to
buying ONLY when discounts are available. There
is another way to approach this in fact there
are many ways, and they all come back to being
focused on the customer and understanding them.
In recent years, the power and attention on
e-commerce has been growing some 25 of all
purchases are now done online
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A new trend in online commerce Customer
Commerce is the idea of putting technology back
into a supportive role, simplifying your customer
data into a single source of truth, and opening
up ways to scale your online business. However,
with Customer Commerce, this simple single source
of truth approach allows you to get closer to
your customers putting more of your staff
resources into servicing them personally. One
idea to consider instead of event-based
discounting like Black Friday or Cyber Monday
why not offer a private, personal discount to a
loyal customer based on a purchase
milestone? Many brands around the world refuse
to discount, or they might discount accessories
but never their popular gold standard product.
Think Tiffanys, Apple, Chanel. Sure, your small
business may not have the brand cachet of these
high fliers, but you have something that a lot of
big companies would kill for customer
understanding. You can use your superpower to
understand customers better and service them
better.
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