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22. Retraining Customer Expectations: Building a Premium Brand Mindset
Manage episode 394137991 series 3264255
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Summary
In this episode, Russell and Emerson discuss the transition from discount brands to premium brands in the ecommerce industry. They explore the concept of discount brands and premium brands, and the factors that determine whether a brand can go premium. They also discuss the knee-jerk reaction of offering discounts to increase sales and the challenges of transitioning to a premium brand. The episode concludes with a formula for going from discount to premium and the importance of providing a premium experience to customers.
Takeaways
There is a place for both discount brands and premium brands in the ecommerce industry.
When deciding whether to buy premium or discount, consider the value and quality of the product, as well as the frequency of use.
Transitioning from a discount brand to a premium brand takes time, effort, and a focus on providing a premium experience.
Customers can be retrained to not expect discounts through consistent branding and messaging.
To successfully go from discount to premium, brands must differentiate themselves, set expectations, and provide a high-quality product and customer experience.
Chapters
00:00 Introduction
00:46 From Discount Brands to Premium Brands
03:22 The Place for Both Discount and Premium Brands
06:10 When to Buy Premium
09:07 When to Buy Discount
13:28 The Knee-Jerk Reaction to Increase Sales
16:30 Transitioning from Discount to Premium
20:54 Retraining Customers to Not Expect Discounts
25:32 The Formula for Going from Discount to Premium
29:46 Putting in the Work and Providing a Premium Experience
32:23 Conclusion
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