Buy One Get ... MULTIPLE ... ehhh !!!! Part 2

I am tuned in Again J.

Thanks for coming back.

Let’s see why ‘Buy 1 Get 3’ would have made me buy –

For this we will have to …. Ummm (okay, read carefully as it is serious. No kidding.) … read following italicized text like a consultant. Lemme help you .. you just have to read it with a false accent … I knw it may sound a bit pretentious but trust me it will be fun J

Give it a try -

Price perception – As a customer, from my knowledge (which I have built by going to stores, seeing ads in newspaper and anywhere else and by talking to my friends about their buying) I know that branded shirts (jargon for this is – strategic group) generally can be bought in the price range of 699 to 1500.

Quality Perception – As branded shirts are costly I have created some quality standards for them.

(he he he .. ur still accenting? :P Go on. Go on. Don’t stop)

Value Perception – This would be Price times the Perceived Quality (and dude, there is nothing absolute here. This is all relative)

So how can we increase the Value Perception?

Increase Quality perception or Decrease Price.

When I am offering a shirt for Rs. 500 for which Price Perception is Rs. 699 – Rs. 1500. I will create a Value perception in the minds of customers.

Enjoyed? J

DUDE! ANY MORE GYAAN?

What more I would tell stores would be

1. Identify touch points. Activate them. Remember that every touch point is an opportunity and a challenge for you. (Do you rememder how they failed to identify and activate the touch point where I was first exposed to the price tag of the shirt?)
2. I can’t understand why stores have forgotten ‘FREE’ which has highest semantic description and which attracts shoppers like nothing else?

(Refer to the image above. I hv yet to figure out how I paste it in the middle of the post. Sry for inconvenience)

Which one is more attractive?

LET’S NOT FORGET OUR OLD FRIEND

Now, because that’s the talk of the town, even I can’t resist talking about it.

These days, everyone seems overwhelmed and short sighted by recession. Every store and brand is giving big discounts to attract customers. It is a good strategy because in recession buying behaviour changes and a good segment of customers seek value for their money.

What is probably missing in this strategy is a strategy for Post-Recession Era. What when it all gets over?

This is more critical to brands which are comparatively new.

If you are not creating a value proposition other than low price then in post recession era when discounts would no longer be a good strategy, would customers still buy you?

Thanks for visiting.

K.R.O.

(keep reading on!)