There are many reasons why most companies offer discounts. So much so that people are used to getting them all the time. It probably looks, from the perspective of many companies, that you simply must offer discounts from time to time. There is so much pressure on the companies to remain competitive, to sell aged-inventory, your competitors are offering discounts, it’s an opportunity to undercut those competitors… Everyone does it, so you have to as well. Right?!
Well…no, there are companies (usually premium brands) that never offer any incentives to customers. Luxury brands don’t like anyone to associate them and their premium products with discounts. You could say that it’s a way to protect the integrity of the brand. It is also implied that when you buy from a premium brand that you should pay whatever price they ask. You are getting not just a top-quality product but also superb manufacturing, product support, and dealership network.
For example, coming from a racing mindset, Enzo Ferrari believed that competition is bringing the best in everyone involved. So, if his company makes fantastic cars, then he doesn’t care about pricing or competition. Louis Vuitton is not willing to give any kind of discount, actually, allegedly they destroy unsold products at the end of each season.
Therefore, they try to create the best product in the industry and have plenty of people gladly paying huge sums of money for such quality. Have in mind that premium products attract high-income customers willing to pay for guaranteed quality and prestige. They don’t care about discounts, vouchers, loyalty cards and such. Also, those people are comfortable knowing that it’s impossible to meet someone that paid much less for that product.
Some experts say that perhaps occasionally or periodically cutting prices may actually be a more consumer-friendly strategy. There are premium brands that are acknowledging that advice. So, I can give you some tips on how to find discounts for premium products.
You know that I am into mid-century furniture. Recently, I checked out a company called ICONS22. They sell premium Scandinavian furniture all over the world. So, I was looking at their offer, planning to buy something… Of course, they are not offering vouchers or discounts. The best way to get information about possible off-season sales or maybe a special one-off item is if you subscribe to their newsletter. Companies like to reward loyalty. For ICONS22 specifically, they are offering very reasonable prices but for other premium brands, you can also try to find less popular collections. Many big brands own some smaller brands that are under their corporate umbrella. So, you can find the same quality but for less money.
I hope those tips will help you a little bit but it is not a point to search for good deals on premium products. As I mentioned, you will hardly find any premium brands that are willing to offer and discount – EVER!
So, why should you pay a premium price? It’s all about getting the best product on the market, knowing that you bought an item of exceptional quality, that you are becoming a part of that brand and its philosophy, you know that a premium brand is taking care of your customer experience, if needed – they will service your product with care and urgency. This is what you are paying for! As they say, you can’t put a price on quality.
I know this from my personal experience. As I told you, I recently bought some premium Scandinavian furniture. There are a few reasons why I choose to buy only premium house furnishing. I want the interior of my home to have a specific design or a theme if you prefer. Also, I buy most of my stuff online. So, it is hard to know what type of quality you are going to get. Can you trust them to deliver your item in perfect condition? You can if you are buying from a premium brand.
Another important issue is that premium products will last you for a very long time. The Wishbone chair that I got from ICON22 is completely made from a premium quality wood. It’s a very unique and famous design. You can check online, many people have owned this chair for decades. That is a difference from owning this chair and some cheap one or a copy. They will probably have a short life span or at least lose their looks pretty fast.
I know it’s a bit long read but I really tried to give you my best advice and talk from the experience. I hope that now you can have a better idea on why some premium brands insist on high prices. Also, what is a better option for you and why you should pay a premium…if you can! 🙂