March 05, 2020

It Is Possible To Create File Power Via Discounts / Promotions - Be Smart

Macy's is always 40% off and is always on sale and as a result they don't stand for anything. They don't generate any File Power from their promotions because EVERYBODY gets a deal. They're just operating a tired business model, one that brought customers into a mall so that all mall tenants could benefit from the traffic.

Your business is more special than that, right?

So here's an example of how you could generate File Power while still executing the discounts and promotions that you love to execute ... getting mileage out of your CRM efforts so that your CFO feels like your investment in "data" was worthwhile.

Here a company called Last Bottle (click here). When somebody is down to a handful of bottles, they can clear 'em through Last Bottle. On Leap Day (several days ago), they had a promotion ...



You've all seen the "Receive $30" promotion ... though it always amazes me that old-school companies reject this effort while embracing paying intermediaries to do the hard work.

But look at the promotion on top.

Tell me how you couldn't make this work for your liquidations efforts? You don't give the promotion to everybody, you only give the promo to the customer taking the LAST item.

And I know, I get it, your systems "can't handle" that kind of promotion.

Doesn't that mean that "your systems" are antiquated and you need to change?

Do things that increase File Power.

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Strategy or Tactic?

You ask your staff to come up with a "Discount Strategy" for your August email campaigns. Is this a strategy, or is this a tactic ...