Thread by @onwocheicollins

The Myth of 'Lowest Prices' And How to Steer Your Business FROM Falling Into That Bottomless Pit.

A thread.

Enjoy.

Aunty Sade is the neighbourhood grocer.

When you needed to do comprehensive grocery shopping, you head to her overflowing store.

Overflowing with both goods and humans.

She alluded to me that her transactions was in the millions some days.

And lamented how she'd been scammed

By POS operators over and over again.

Till she recently quit using POS.

Now when you were done with your shopping, you simply transfer the total to her popular Diamond bank account.

It wasn't always this way.

You see, Aunty Sade used to work in a bank back in Ibadan.

But I digress.

This story is not about Sade but how marketing is about telling stories that resonate with your customers.

For example, Shop Rite tells the story of 'lowest prices you can trust always'.

And I bought the story for a while. For as long as I didn't KNOW Aunty Sade

As soon as I found out that the price I bought Milo at her shop would give me enough margin to survive on if I went and sold it to Shop Rite.

So, how and why do they claim they have the lowest prices. They now added 'trust always'.

Story.

My people say all na wash.

But there are people who swear by the big malls. As to where to get the best and cheapest.

Think again.

Just today, I went into another retail chain called Addide (I have no clue what the name means nor its origin).

Went in because my wife preferred to get yoghurt instead of

A sweet delight from Cold Stone we passed by earlier at Yaba.

I didn't mind.

Only to drop in and found that one of our favourite brands was 150 naira more expensive than another mall we visit regularly.

The latter mall doesn't sing the 'lowest prices' like the former but

They deliver on the promise.

Moral of the story: tell a story to your target audience.

"Lowest prices" is so prevalent we need new ones.

Tell new ones

Of being "a family radio"

Of being there "for their convenience and to save time"

Of being "a hip fashion store"

Tell the story and fulfil your promise to the people or you will lose credibility.

I'm no marketing expert but I find that even as I increase the price of our products at one of my venture, the demand isn't waning.

That's because we are telling a story and working hard to

fulfil the promise.

This means healthier margins and better service.

Hope you enjoyed the story?

If you did, pls RT and like and comment. I'd like to know your thoughts.

Better yet, hit the follow button and we'll be cohorts for the good of the realm. 🤫😎

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