This transcript was generated from the episode audio and may contain minor errors.
[Music]
Guess what today is? Today is episode 1999 of Side Hustle School, 1,999. We have been doing this podcast every single day since 1999 days ago, January 1, 2017, to be precise. I am just so amazed and I'm so thankful for you. I will say a little bit more about that tomorrow in episode 2000 because, you know, 2000 follows 1,999.
So for now, just know that I am super, super grateful and so excited to keep making this podcast for you every day, you know, because that's what it's all about, right? So let's jump into it. Why are you here? You're here to learn about making extra money without quitting your job. Now we've got a listener today with a question about, what is it about here?
Price discounts and sales. In fact, they're thinking of having a nonstop sale, a permanent price discount, if you will. You may have seen furniture stores or some other kind of business that's just always having a sale. They have so many sales, it seems like there's never a time when there's not one. And of course that is a strategy.
Like they know it works, they know it brings customers in. So our listeners wondering, why can't they do that? Can they do that in their business? Is there any reason to not have a permanent price discount? What are the upsides and downsides, let's say?
And I'm gonna bring you that question and my answer right after this quick message from our sponsor. Thank you, sponsor, and thank you, listeners. [Music]
Hey Chris, this is Craig. I've been listening to the show for a couple of years. Thanks for all the help and advice.
I've noticed that whenever I put my products on sale, I sell more, not surprising, right? But a recent holiday sale got me thinking, is there anything wrong with having my whole online store on sale all the time? I realize recurring customers might catch on quickly, but I have a lot of new visitors coming every day. If it just so happened that what they wanted was on sale and they visited, I bet conversion rates would be higher. So that's my question.
Is there any ethical or practical concern with having a semi-permanent or permanent sale? Thanks, I'm looking forward to hearing from you. [Music]
Craig, you are definitely onto something. In fact, it's not surprising that people purchase more when things are on sale and you should absolutely take advantage of that. I mean, this is really basic buyer psychology, basic, not meaning that in an insulting way at all, meaning that in a way that you should, as I said, capitalize on.
So if you're selling anything online, e-commerce thrives on sales, discounts, promotions. There's absolutely no ethical concern with it whatsoever. Just like there's nothing wrong with charging different prices for what you sell. The classic example of that is airline tickets. Every passenger on a plane may be paying a different price for essentially the same product.
It's really just basic supply and demand. Now, practically speaking, in terms of, do customers kind of get weary of it? That's a little bit of a different question, but still, there I think it just depends on your customers. It's your job to kind of train them and teach them. For new customers, they don't know any better, right?
It's just like Craig said here, like you want to get them in a buying mood when they see there's a sale. So if they come to your website and notice that, then that's great. It doesn't matter that the sale was there yesterday. It doesn't matter that it will be there tomorrow. The only real downside is that regular customers can become accustomed or even a nerd to it.
Like, oh, there's a sale, why should I care? Because again, there was a sale yesterday, there will be one tomorrow. So one thing that helps there is just to kind of keep it fun and exciting. Maybe even let people in on the joke somehow. I think furniture stores and car dealerships kind of do that.
They know that most people know that the sale is always there, but they can still do it and it works. So just don't be too serious about it. Be audacious, be playful, and just have fun. But absolutely no reason to not have that semi-permanent or permanent sale, that long-term price discount. I hope it's gonna help you sell more, Craig.
And listeners, if you're selling anything, I hope this helps you too. Go out and put something on sale, have a promotion, do something fun, and make more money. Because that's what I'm hoping to help you with. Here with Side Hustle School, episode 1,999. Gonna sign off now, but I'll be back with episode 2,000 and beyond.
Don't miss it, new episode every day. My name is Chris Guillebeau, this is Side Hustle School. [Music]
From the Onward Project.
