The Anti-Laws Of Luxury Marketing #13
#13. Raise your prices as time goes on in order to increase demand.
NEW THINKING
#13. Raise your prices as time goes on in order to increase demand.
I am a huge advocate of innovation. Some of the most successful brands the world has witnessed are the result of innovation. Think Apple iPod or Toyota Prius or eBay or Amazon.com or even my hometown grocery chain, Wegmans.
You know the kid’s game. Rock (fist) breaks scissors. Scissors (two fingers) cuts paper. Paper (flat hand) covers rock. So what’s the best strategy in a game of rock/scissors/paper? The answer is obvious. It all depends on what strategy the other kid uses. So, too, in marketing.
1) Inconspicuous Consumption Consumers respond to the social moment by taking consumption into the closet. As when we talk about going to Fred’s (in-store restaurant), not Barney’s. Or, ask to have new purchases shipped, rather than be seen carrying a branded shopping bag. Or, decide to have shoes repaired and last year’s jacket altered. Spending as a covert activity. No bragging rights.
A recent trend in marketing is the downgrading of established brands by upgraded line extensions.