With easy access to comparable prices frequently in one’s pocket, the sport of paying as little as possible for products has become all consuming. Add to that the constant inundation of email with coupon discounts, direct mail with coupon discounts, sites dedicated to accumulating discount coupons (and tracking behavior) and there is a free for all on the selling floor, a real FOMO on the rock bottom price. The marketing tool box is centered around wrenching prices vs. building and reinforcing a brand.
While this was in full swing during the holiday season, retail businesses were reaching the finish line in that race to the bottom. Stores simply packed up and disappeared between Christmas and New Years leaving gaping holes in malls throughout the US. The disappearing continues.
You get what you pay for. And you pay for what you value. If your customer doesn’t want to pay enough for a product to keep a business viable, natural selection goes to work and the business is “Darwined” out of existence. Produce something unique. Tell a compelling story. Do your homework and find your audience. And make sure the price is right to produce a sustainable profit or don’t get into business.