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Sales-Driven, Not Market-Driven
I was recently asked to write an article in response to the recent one about selling luxury goods. Cutting price is never long survival for any company, it’s just a lazy way of doing business. First, it doesn’t make up for lost volumes, and second, it can unnecessarily depreciate the value of your product. Even cost cutting can’t keep up with price and volume reduction, the math just doesn’t work!
All companies, especially luxury goods companies, must move from being market driven to management/sales driven. The internet and mass advertising is not the only way to move products and in fact both rely on price and not service. Market-driven approaches such as lowest-price advertising are a passive wait-and-see approach. Remember that the lowest price does not bring the luxury shopper from home or office to your store. The lowest price doesn’t guarantee confidence in the consumer’s mind as they wonder about color options, sizes or other considerations that have nothing to do with money. Lowering the price instead of increasing the service is the direction trying to make what worked in a great economy work today, it won’t! Today, service is survival, not a nice thing you talk about. I’m not talking about service after the sale, I’m talking about service to get a sale. Carrying the product or products is the essential type of “service thinking” that is required in this market. Price cutting in a low volume environment will negatively impact gross revenue and net profit. Price cuts become a solution to moving old inventory, but management should not consider it a long-term solution to selling products.
There are those who say that the days of conspicuous consumption are over but I don’t think so, I just think that people will do less! People who buy luxury goods want service and convenience in addition to great value. Price is the least effective of all ways to demonstrate value! Price is not the luxury customer’s biggest concern, time is. Just putting Mr. Big Bucks in your car, leaving your office, waiting in traffic and trying to find a place to park could be the deal killer! Management and sales people need to understand that the only thing standing between you and a customer is getting in front of that customer in the first place. Businesses now need to shift from market-driven where the business advertises and then passively waits for traffic to a management/sales-driven (active) approach where the business uses its database, potential customers of Internet and advertising and puts your sales team and your products in front of the prospect. owners
I was recently trying to buy a Cartier watch for my wife and emailed 14 stores around the country. They all emailed me with a price. Some with discounts, some not, but no one made the sale. Because? Because no one stood before me to determine that it was wrong! All of these companies used market-driven approaches and have yet to transition to management/sales-driven approaches. They are using the same actions that worked years ago when the market allowed for a more passive approach. Today companies must be willing to, even insist on going to the customer to make the sale. It will no longer depend on the market for its production management must demand a new level of production in the commercial department. Economics is not the problem, becoming management/sales driven is.
Expecting the luxury customer to walk into your store (driven by the market) is a suicidal and outdated way of doing business today. Trusting the Internet is just a new version of waiting. Get into management/sales and do what your competitors refuse to do to make the sale! Don’t use price to sell your products, raise the level of service you think and act to make the sale. Milton Pedraza, CEO of the Luxury Institute, a New York City market research firm, also believes discounting should be a last-ditch effort. By the way, I still haven’t bought this watch for my wife while Cartier stores across the country wait in their fancy showrooms complaining about the economy.
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