The same, cheap head-ache tablet is actually less effective than the same expensively priced option.
Read that again slowly because it is really powerful. In a study by Shiv, Carmon and Ariely (2005), they have established that discounted products are not only perceived less favourably by customers, but discounting actually detrimentally affects performance.
In one example, respondents [...]
Filed under: Customer Service, Management, Marketing, Retail Operations, Selling | 3 Comments »
Sine qua non: Latin for ‘an indispensable condition’
I obsess constantly about what it would take to make a retail business successful. The magic bullet, or if not bullet, at least a list of key success factors. Ten would be nice number. Or twelve. Maybe even seven.
I have made the list(s), and re-hashed it countless times. [...]
Filed under: Customer Service, Design & Display, Future, General, Management, Marketing, People, Retail Operations, Selling, Strategy | 1 Comment »
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The rule of scarcity is one of the powerful heuristics (decison-making shortcuts) that consumers use: because it is scarce, it must be popular or rare - both of which are indicators of inherent value and both of which reduces any of the perceived risk associated with buying the product.
Most retailers intuitively use the rule of [...]
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Sometimes we can get lost in the art of negotiation. Occasionally, it requires a more ruthless approach.
This video is worth watching. ‘The Shark’ is giving some advice on how to negotiate the sale of Yahoo to Microsoft.
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A common problem every business (retailers too) face is described as being sucked into working in their business as opposed to on their business. Whilst this may sound intuitively attractive, the fact of the mater is that any small business person must work in the business and on the business. No one has the luxury [...]
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One of the challenges that I put to my MBA classes is:
What would you do if your core product/offer had to be FREE – as of tomorrow? What would you do? How would the business survive?
This is not a hypothetical question only; as many businesses face this conundrum today:
- The music business (with a flow [...]
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