Boost Sales and Delight Customers: Why You Should Plan an Annual Discount Event
By now, you've probably heard me and my gripes about upon-release pattern discounts. I'm not a fan of them. For many reasons that include but are not limited to:
They automatically devalue your product
They train your customers to only buy from you when there's a discount
You come to rely on it as the only way to get people in the door when your pattern is released
Other industries typically do NOT discount brand new products - especially not industries with physical products
Do I hate all discounts? No. But, I think that if you're a fiber business and you choose to offer a discount, you should be strategic about it.
So, try an annual discount event! Some people do this around their birthday and have a “birthday sale” (which feels a little egocentric to me… unless you do it - in that case, it's totally cool). Plan a week (designers - do not pick the week of Andrea Mowry's birthday) or a weekend or a time period during the year to host a sale. You can discount all of your products, you can offer a discount with a bundle purchase… whatever you prefer. If it were me (and it's not), I might choose a time that's traditionally slow for me where I may need that influx of extra cash.
I also have a podcast episode that digs a little deeper into different discount strategies - click here to listen.