No President's Day Sale
It’s President's Day, and you shouldn’t run a sale today.
It harms the meaning of the day set aside to honor our presidents and is yet another meaningless sale.
Here’s an example. Next door to our office on 14th Street in NYC’s Meatpacking District, a new store opened last month.
That same week they ran a sale.
How’s that possible? How do you introduce a new store (aka, new brand) in a prestigious neighborhood by running a sale the minute you open the door?
There goes the brand value.
American brands spend billions on sales. This not only erodes the brand but also:
a/ undermines investing in your business
b/ undermines investing in your people
c/ causes you to retract and overcharge on other issues
Do Americans even trust sales anymore?
According to the Pew Research Center, over 75% of consumers buy online using their phones. This means that if you put up a sale, consumers will check prices elsewhere first as if they’re in a bidding war. On top of that, how valuable or well-made can an item be if you manage to give 75% off?
Genuine sales, like a few seasonal ones, can bring in your loyal clientele and put a smile on their faces. But take that sale sign out of your window for the rest of the year and replace it with creative ideas that explain why someone should buy your products.
There are plenty of luxury and other brands that stay away from sales and yet sell out fast. Start building yours to be one of them.
Can you imagine an MLK-day sale soon?
We hope not.