From the course: Retail Sales Foundations
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When and when not to discount
From the course: Retail Sales Foundations
When and when not to discount
- For many in retail, discounting is a touchy subject. Some will say that discounting can kill a brand, and others will say that you need to use discounts to drive people through your doors and into your business and get them to spend. I think back to recent Black Friday promotions, the big shopping day in the United States where people barge through the doors to get a cheap television. People get trampled, people go crazy, but what's most interesting to me is that the early days of Black Friday promotions, the sales started on Friday. But then they started to happen a few days earlier. Now, Black Friday offers start coming over a week in advance. The reason? Businesses want to get their share of the customer's wallet first. There's a finite amount of money in my wallet, and somebody's going to get it. And so the discounts come fast and furious. The good news is that you can discount things properly with a little bit of thought and intent behind why you're doing them. Let's talk about…
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