Many years ago a friend of mine was visiting Melbourne, where she saw a line of people waiting outside the Louis Vuitton store in Collins Street.
Intrigued, my friend phoned the store to enquire about the line, and to ask as to as to whether Louis Vuitton was having a sale?
The person from Louis Vuitton who took my friend’s call said this:
“Madam. Louis Vuitton doesn’t have sales.”
You see, the brand, the label Louis Vuitton is so in demand, is so sought after, that Louis Vuitton doesn’t need to have sales of any sort to help move their bags, and their apparel.
The stuff sells itself, and Louis Vuitton doesn’t need to be running a price-reduced or discount sale to try to beat up some extra business.
The merchandise is always great quality, and is sold in very limited amounts adding to its exclusive demand.
And visiting a Louis Vuitton store is an experience.
Louis is what Louis is.
And that’s about being sort after, and having a sort after product in the marketplace.
Is your business that good that you can be like Louis Vuitton and set your own prices?
Can your business be competitive in the marketplace without having to have sales, or give discounts, to attract and keep customers?
Sometimes vendors are fearful that their prices are too high, and that they need to keep their prices low.
The price of goods and services in the market place is often related to the perception of the vendor, despite the fact that there are consumers who already believe that the good or service represents fair value.
There will always be people who would never buy from Louis Vuitton, because the price they need to pay to own a Louis Vuitton bag is way more than they believe any bag is worth.
And at the other end of the spectrum, there are consumers who collect multiple bags and apparel from Louis Vuitton and other luxury labels.
And in the middle, there are people who aspire to own a luxury brand bag.
And there are people who have one luxury brand bag, and it is their pride and joy.
And it makes them feel good, just owning it.
Is your business one of those businesses where your customers come to, knowing that the service and the experience and the goods that they receive are worth paying extra for?
And these customers do that, knowing that the peace of mind they gain, from doing business with you, is worth it?
Are the goods and services provided by your business strong enough to be traded without price dependence?
Is your business strong enough to be able to set its prices on cost and value, rather than on what the competition are charging?
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