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You've heard that's all any customer will open their wallets, purses, or smartphones for. So you jump on the bandwagon and offer coupons. When that doesn't work, you offer more.
There’s a reason Groupon and all the online coupon companies are thriving right now; because of fear. And fear is at the heart of owners' discounting, "what if we can't pay our bills..."
You reduce it to a price. A discount. A coupon.
And there's nothing special in that.
It's as if you have to pay people to come to your business because it is so ordinary.
Hold that thought...
I'm known in certain circles as the "cake guy" because I illuminate this point in many of my speeches, like when I explained it to JJ Ramberg host of MSNBC's Your Business below.
As a retailer, when all you can talk about is how cheap your widget, service, or product is, you've taken everything "special" out of how you present it to your customers.
And while it might bring some value-conscious customers to your doors, it often means you have to cut back on staff, service, or marketing to meet lower margins.
By spending time looking at how you present your retail merchandise, customers will be willing to pay more at your shop than the other guys because:
Bob Phibbs is the Retail Doctor® and author of The Retail Doctor’s Guide to Growing Your Business (Wiley) Follow him on Twitter @theRetailDoctor
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