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Devil in the Discount
Manage episode 348301448 series 3367147
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It’s Thanksgiving here in the US, and you know what that means. Gathering with friends and family, celebrating what we are thankful for and then… the sales. Black Friday, Cyber Monday, Cyber week—it’s the biggest shopping season of the year.
If you’re a shopper, no doubt you love a bargain. If you’re an ecommerce company, stuck in all to familiar cycle of seasonal discounts, you may have already made a deal with the devil. What if we told you that the data tells us that discounting drives only short-term benefits, and that the long term your business would be stronger if you never offered percentage or dollar discounts?
Discounting is tried and true, everyone does it – don’t they? But it’s tricky - firstly because it trains your audience to wait until you have a discount to buy from you. Worst of all, from a branding perspective, it can damage your brand.
Joining Fallon in this episode to help us learn more about the data and help us discover business-boosting alternatives to discounting, is Andrew Forman! Andrew is the answer to the question, what do you get if you cross a Harvard Business School MBA welding investment banker with a mathematics and economics whizz treasurer of a nonprofit. He’s a big brained and big hearted New Yorker, proud father and the CEO & Founder of Givz; the tool that lets you convert discounts into donations.
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