Sales Strategy
Yes, You Can Make Sales Without Discounts! December 07, 2016 (0 comments)
New York, NY—Black Friday and Cyber Monday may have smashed records this year, but it’s tough for brands to keep up the momentum without offering some tempting deals for consumers.
In the Engage:Affluent blog on Mediapost.com, author Eric Herskind says nothing erodes a luxury brand’s cachet quicker than discounting, but even high-end shoppers expect a deal now, and have unprecedented access to pricing information.
What’s a luxury retailer to do? Once again, it comes down to unique experiences. Whether it’s high-tech installations or wine tastings, retailers must bring another element to the shopping experience to draw in traffic and make sales without a discount, says Herskind.
Some tried-and-true strategies still work, namely charity tie-ins. The holidays are a perfect time to incorporate a philanthropic element, writes Herskind, and a Journal of Retailing study found consumers are much more likely to purchase luxury items when there’s a marketed partnership with a charity organization. Whether it’s selling chocolate, designer jeans, or Rolex watches, the charity tie-in minimizes any feelings of guilt for buying a luxury item. Add an “enter to win” element and there’s another reason to visit the store and shop.
Top image: socialannex.com