Tuesday, July 29, 2014
My Biggest Business Mistake
Today I was thinking about my business, Honeybee Alley, and trying to figure out ways to improve it. I started to think about my abundant use of coupon codes. I have a problem and it is that I create random sales all of the time, like every other week or even more often. Tonight I have been reading a bunch of small business related posts that I Pinned and put aside to read someday. I came across one post in particular that explained why having sales all the time might actually be hurting my business. The post is about why mainstream marketing tricks aren't good for small businesses. I felt like giving out coupon codes was a good way to make sure people would keep up with my posts, on Facebook or Google+ or this blog. I have the tendency to want to give people great deals but my products already are on the lower end of the price spectrum, so not only am I cutting into my profits but am also "giving off the vibe that [I have] a cut-rate brand." The blogger, , also explains that "if you put things on sale with any kind of regularity, customers will feel like they should never have to pay full price at your shop, and will wait for the sale." I need to keep in mind that I have set my prices at what they are for a reason. That is what my time, effort, and supply cost is worth. If I'm always offering discounts people might think my product isn't worth the full price and maybe it's made with poor quality materials or just not well-made. So this is me realizing that my prices reflect my work and I need to save sales for special occasions and not make them a weekly thing.