Marketing Manna
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RIP JCP
Tue, May 19, 2020
Neiman Marcus, J. Crew, and now J. C. Penney!
COVID-19 is claiming lives and livelihoods as department stores file for bankruptcy, one by one.
JCP recently made the biggest retail blunder when they rid their stores of all discounts, sales, and coupons for ‘fair and square’ pricing.
It backfired spectacularly because retailers use a combination of promotional pricing, fake pricing, and price anchoring to form a psychological pricing strategy that triggers a shorter sales cycle.
For example, when faced with a 75%-off, 1-day-only coupon that reduces a $1,000 winter jacket to $250, you can’t help but rush to buy it, even if it is 101°F outside.
Give me a stock clerk with a goal, and I will give you a man who will make history. Give me a man without a goal, and I will give you a stock clerk.
Takeaway
- Marketing is not a joke.
- It is actual science and art as well.
- Challenge its principles at your own peril.
This manna is in remembrance of the retailer that ran out of its last penny and the man who gave us life goals with life quotes, such as this one.
