There’s a reason marketers keep coming back to price promotions. They work. If you need to shift product, offering 20% back or running a multi-buy is familiar territory. Everyone understands the mechanic and you have a pretty good idea of what it’s going to do. But I think we need to be much more honest about what it can also do. It eats your margin. It can mortgage future sales. And over time, it can teach shoppers that the price worth paying for your brand isn't the one on the shelf. It's the one they should wait for. That last point bothers me. The sales uplift on a promotion can look great, but how many of those are genuinely new sales, and how many have simply been brought forward from next week or next month? Then your competitor promotes. You promote again. Everyone gets dragged into competing on price and it becomes harder and harder for the shopper to see a meaningful difference between you. Which raises a fairly fundamental question? If we've spent...
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