The #1 Way to Increase Revenue
Have you heard of the ultra-posh brand, Palessi? Their high-fashion footwear can be purchased for $400, $500 and even $645 a pair. At a recent event, fashionistas could be heard praising the stunning design and quality craftsmanship of these high-end kicks.
So, you haven’t heard of Palessi? What about Payless? Payless ShoeSource recently transformed itself into a fake luxury brand for a publicity stunt. Fashion influencers and trendsetters were invited to attend the brand’s launch party and purchase (Payless) shoes for hundreds of dollars per pair.
It’s the busiest shopping season of the year. People are spending big bucks on impulsive purchases. But why? Let’s take a look at what goes into making a purchasing decision, and an even closer look at the upscale shoe store, Palessi.
Payless wanted to make a statement about what luxury should cost. They refunded all purchases and shoppers got their shoes for free. However, Payless also made a statement, perhaps inadvertently, about the way in which perception influences buying habits.
How do you know you’re in cheap fast-food joint or an expensive restaurant before seeing the price of the food? It’s the white table cloths versus cheap counter tops. It’s the way you are greeted by the staff; the china plate or the paper plate. Within seconds of entering a restaurant, the visual and verbal clues around you provide you with a perception of its quality. And much like the Payless example, the brand of the restaurant also greatly affects the perception of the consumer. Brand is the perception the customer walks away with after encountering the product.
Brand is Perception
The way in which we perceive a brand is so powerful, that some will pay an 1,800% markup on a $20 pair of shoes.
People are making perceptions about your brand all the time. What is it telling them?
The way you speak about your business and how you look, from your business card, to your photos, to your web presence, is all wrapped up in your brand perception. It can—and does—make the difference between charging what your product is worth and barely getting by. If you want more followers, better clients and higher sales, take a closer look at your brand.
If your brand is saying less than stellar things about you, don’t despair! We can take steps right away to improve the perception of your business and help guarantee a steady stream of clients and revenue. Upping your brand perception is the number one way to increase your revenue. Contact your local Brand Doctor right away at Imago Visual to find out how your brand is being perceived and to improve your brand image.