Why You Shouldn't Avoid Coupons And Sales Pricing In Your Business | Product Pricing Psychology Brand Hacking With Katt Wagner podcast

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Why You Shouldn't Avoid Coupons and Sales Pricing in Your Business | Product Pricing Psychology

10M ago 11:50

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If you offer sales through coupons and promotional discounts, you might worry about creating a sales spiral where customers start to expect sales.
But JC Penney put this to the test, and what they found serves as a great case study for any brand or business owner wondering what role sales should play in their pricing and marketing strategy.
Watch on YouTube/Grab Sources: https://youtu.be/TIsCySxasgY
Read on Blog: https://kattwagner.com/should-you-offer-coupons-discounts-sales-strategy-case-study/
Let's look at the psychology of discounts.
Key takeaways on pricing strategies for small business brands:
💡The Hype of a Good Deal:
People like finding good deals.
When they do, they tell others, giving free promotion to the brand. 🗣️
💡 Price Comparison Psychology:
People check and compare prices online.
To stand out, offer good prices and extra benefits.
Also, have good shipping and return policies. 🚚
💡 Consumer Trends Favor Sales Pricing:
People might spend less soon.
They're looking for good deals and saving money.
Offer good discounts to attract these shoppers. 🎯
💡 Ads & Segmentation Can Help You Run Selective Promotional Offers:
Companies know a lot about people now.
You can use this to show ads to specific audience segments at specific times.
Special deals make people decide faster. ⏰
Brands don't need sales all the time, just at the right times and with a value their target audience will see.

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