Don’t confuse innovation with novelty.
You may have successfully designed the latest shiny object for people to get excited about…at least until a new shiny object came out.
And that’s the reason product features are more a novelty than an innovation. They are added in an attempt to differentiate, but not reinvent.
It’s not a bad thing, but it can’t be counted on to add any long-term value.
Novelty can drive sales, but the impact does not last.
We make assumptions about the world around us based on sometimes incomplete or false information.
Whether it is ‘two for one’ or ‘free toy inside,’ promotions are such common manipulations that we often forget that we’re being manipulated in the first place.
In nearly every circumstance, the companies that are forced to treat their products as commodities brought it upon themselves.
I cannot debate that dropping the price is not a perfectly legitimate way of driving business;
the challenge is staying profitable.
Playing the price game can come at tremendous cost and can create a significant dilemma for the company.
The short-term gain is fantastic, but the more you do it, the harder it becomes to kick the habit.
Once buyers get used to paying a lower-than-average price for a product or service, it is very hard to get them to pay more.