"Fastlane" is an entrepreneur discussion forum based on The C.E.N.T.S Framework outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED®). From multimillionaires to digital nomads to side hustlers who are grinding a job, the Fastlane Forum features real entrepreneurs creating real businesses with one goal in mind: Freedom— both financial and temporal.
Remove ads while supporting the Unscripted philosophy...become an INSIDER.
You have a way nicer mindset than I do lolImportant lessons in context, framing, pricing, and perceived value.
The business sets the context. If the context is a luxury store, then it creates a frame for premium pricing. The frame and context increase the perceived value of the product. With increased perceived value, the right customers are happy to buy.
One thing I wonder is, would those customers still be happy with their Payless quality shoes a week or two after purchase? I've bought Payless shoes before, and there were some noticeable quality issues, especially when compared to other brands I've bought like 5.11 and Nike.
Even though Payless was able to pull a fancy marketing stunt that might trick some people into believing their shoes are of great quality, I don't think it would change the customer experience much in the end. In fact, customers would probably be more disappointed if their shoes wore out fast, or lead to nasty foot odor because they weren't properly ventilated.
Ultimately, the customer would be pissed, and Payless would eat a hard lesson on the difference between perceived value and actual value. As it stands, they've probably at least increased their perceived value for the Christmas season. It may not last, but it definitely got attention.
The response by @Lex DeVille was spot on. You can gild the lily but unless it is solid gold it will wilt.Believe it..and is pretty funny. Marketing/promoting and was it the ambience look..or looks like some people were perhaps a bit gullible.
Didn't they refund all the customers? I'm not sure it will hurt the brand long term, other than some embarrassed influencers wouldn't everyone else find it funny that a budget shoe brand punked some wannabe celebrities? That's how I saw it anyway! This has been huge exposure for the business. (didn't what the video but I've read a bit about it online)
Don't like ads? Remove them while supporting the forum. Subscribe.
How I Faked My Way to The Top of Paris Fashion Week
- Perception is reality
- The market will provide feedback on quality and can do it brutally
- I'm completely fascinated by marketing since I might run an e-commerce venture soon
- Are pants a commodity even if they're Georgio Pevianis?
So don't go chasing waterfalls?Don't forget that there are fashions in many different industries. Most people seem to want the latest...... whatever it is, because without them realizing it, they are following fashion.
There are fashions in phones, food, house designs, cars, house decor, and Oh Yes... clothing.
So many feel the need to chase their intangible dreams that it makes them the perfect target for clever marketing.So don't go chasing waterfalls?
Sounds like drugsSo many feel the need to chase their intangible dreams that it makes them the perfect target for clever marketing.
I have been guilty of capitalizing on that by offering something for FREE. It drew in many customers for my second B2B business, including hard-nosed executives who would have known in their hearts that there is no such thing as a free lunch.. Or FREE anything.
IMO, many people are happy to be deceived, provided they can feel a warm glow as a result.
Join Fastlane Insiders.