Black Friday. It used to be the one day a year brands would drop their prices to acquire new customers... Now it's a two week long battle for customers who as soon as the deals are done, will lean back to their old ways. It has become a symbol of the current era: competition on price knows no boundaries. Every shopping street in the world doesn’t take off the ‘SALE’ plates from the windows anymore. Why bother? It’s SALE every season. In other words a race to the bottom.
We have yet to discover the first company in the world that just doesn’t do discounts. Or wait, haven’t we already?
Apple. It has never discounted any of its products. Why? Because a combination of top products, differentiation and service doesn’t need discounts. While other brands have joined the race to the bottom, Apple hasn’t. And look where it brought them.
Now, becoming a new champion like Apple might be unrealistic for your brand. But at least try it. Try to set yourself apart from the competition! Don’t enter that race.
That same battle, that same race in discounts is seen in the world of loyalty. Over and over brands have tried to lure people with the same points, cashback and air miles. Basically discounting their own offering. Off-brand tokens to reward people for what? To love your product? If they really love your product, they wouldn’t even need loyalty points. All they would probably want is to be part of your company. To be able to say to friends: I'm proud of this company!
Bits of Stock gives companies that chance. It unites your fans. And it makes them never want a discount anymore: now they have another reason to buy your products: just so they can become more part of you!
Simply ask Domino Pizza and T-Mobile for they already have shown very successful ROI on stock-back rewards programs.