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Take the Time to be a Genius

 
There is a classic marketing story about a long-established barber shop that charged $15 per hair cut. As they faced a new national discounter advertising $8 haircuts, they simply promoted; “We fix $8 haircuts.”

Morris Saffer, founder of what was once North America’s largest retail advertising agency, built his business on one simple premise…”It doesn’t take a genius to increase sales, you simply promote a half price sale and your sales will increase. The genius,” said Mr. Saffer, “is in increasing your sales at a profit.”

By now you know you cannot pay your mortgage with likes, and you can’t send your kids to college with clicks or traffic….you need profits!

Reactionary marketers often default to discount pricing to build traffic or sales, not stopping to think what discounting does to customer loyalty or profits.

Are your customers loyal to your brand, or to your pricing? If they are only loyal to your discount events, a competitor can react to undersell you, and your profits will take a hit.

There are many alternatives to discounting which can build your sales and your profits, without defaulting to discounts. For example, you can choose to offer a free premium with every sale. Your customers have no idea what your premium is actually worth, but they sincerely appreciate their ‘free gift’.