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Business Unplugged™
This blog features Carol Roth's tough love on business and entrepreneurship, as well as insights from Carol's community of contributors.

Exclusivity: You’re Doing it Wrong

Written By: Carol Roth | No Comments

Retailers use all kinds of methodologies to create perceptions to drive sales.  Sometimes it’s the perception of exclusivity or limited items to create demand.  Other times it’s creating the illusion of a bargain or a “must-have” deal.  However, there is a new methodology that I came across while shopping the other day:

 

If you will notice, the tag for this BCBG item was originally priced at $198.  That price is crossed out and replaced with the bargain price of….$218.  Now, if they are trying to create the illusion of an item so hot that they actually raised the price, they are probably doing it wrong.

More likely, the tag came in mismarked.  But instead of cutting off the old price, the sales person was lazy and just crossed it out.  The result: sending the wrong message to the customer.

Everything you do sends a signal to your customers.  Make sure you are sending the right one.

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Carol Roth is a national media personality, ‘recovering’ investment banker, investor, speaker and author of the New York Times bestselling book, The Entrepreneur Equation. She is a judge on the Mark Burnett (Shark Tank, The Voice, Survivor, The Apprentice) produced technology competition series, America's Greatest Makers, airing on TBS and Host of Microsoft's Office Small Business Academy show. Previously, Carol was the host and co-producer of The Noon Show, a current events talk show on WGN Radio, one of the top stations in the country, and a contributor to CNBC, as well as a frequent guest on Fox News, CNN, Fox Business and other stations. Carol's multimedia commentary covers business and the economy, current events, politics and pop culture topics. Carol has helped her clients complete more than $2 billion in capital raising and M&A transactions. She is a Top 100 Small Business Influencer (2011-2015) and has her own action figure. Twitter: @CarolJSRoth