Running sales is a short-term solution that can create long-term problems.

Discounting Trains Customers to Devalue You → Short-term revenue spikes don’t build sustainable customer behavior. Your audience starts waiting for sales instead of buying on impulse.

Discounting is lazy. The best brands make full-price irresistible.

via Buyology

When messaging your product, don’t say what’s missing.

Renaming the “𝐦𝐞𝐚𝐭-𝐟𝐫𝐞𝐞 𝐛𝐫𝐞𝐚𝐤𝐟𝐚𝐬𝐭” to “𝐟𝐢𝐞𝐥𝐝-𝐠𝐫𝐨𝐰𝐧 𝐛𝐫𝐞𝐚𝐤𝐟𝐚𝐬𝐭” made diners 200% more likely to pick the plant-based option.

&

renamed “𝘤𝘢𝘳𝘳𝘰𝘵𝘴 𝘸𝘪𝘵𝘩 𝘴𝘶𝘨𝘢𝘳-𝘧𝘳𝘦𝘦 𝘤𝘪𝘵𝘳𝘶𝘴 𝘥𝘳𝘦𝘴𝘴𝘪𝘯𝘨” to “𝒕𝒘𝒊𝒔𝒕𝒆𝒅 𝒄𝒊𝒕𝒓𝒖𝒔 𝒈𝒍𝒂𝒛𝒆𝒅 𝒄𝒂𝒓𝒓𝒐𝒕𝒔”.
Doing so increased sales of the carrots by 25%.

Why? Loss aversion. Losses hurt more than gains feel good, even if we say we want less of thing (e.g. sugar).

caveat: disregard this if what your product is missing is what you’re turning into an enemy to stand against (e.g. Liquid Death’s death to plastic tag).

Benchmarks are useful for quick comparison and decisions. But forget what the benchmark is or that it isn’t an immutable law and it becomes a trap.

The CEO of Bronco Wine – which sells the Charles Shaw “Two Buck Chuck” wine at Trader Joe’s – was once asked how he’s able to sell wine for less than the cost of bottled water.

He replied: “They’re overcharging you for the water. Don’t you get it?”

The real question is how can they sell bottled water for more than the cost of a bottle of wine?

Comparison goes both ways.

via Morgan Housel