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Hello!

Welcome to the 16th edition of Always Be Convenient, your guide to being convenient in a complicated digital world. You can find all previous issues in the archives.

Today’s issue is all about price. Or why you don’t have to be all about price.

When your proposition is built on convenience, you may be surprised to know that price isn’t the biggest factor for consumers to consider. Yes, it matters, but not always more than everything else.

In other news, if you join a call with me over the next several weeks, you’ll see my holiday spirit on full display – an entire 37 days before Christmas – just like this screenshot from a call earlier today.

As you’re thinking about 2025 plans and starting the year strong, now may be the time to get a strategy call with me on the calendar.

Outside of writing this newsletter, I work with retailers, CPGs, and technology companies to accelerate growth in their business using the tools, technologies, and tactics we talk about here every week.

Anyway, that’s enough of the upfront. Let’s get to the newsletter!

Conveniently,
Mike

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Promoting beyond price

In the midst of inflationary pressures and economic hardships, everyone has been all about price. Consumers are complaining about it, politics is weaponizing it, and companies are dealing with all the fallout.

Recent months have seen restaurants and c-stores lazering in on price points in an effort to win the battle for the wallet. Whether it’s price point combos or shareable meals, it can become a race to the bottom quickly if you’re not careful.

One of the most famous price promotions in my memory (and probably yours) was the $5 footlong at Subway. The accompanying jingle (‘Five dollar, fiver dollar foot long!’) was so effective it’d be rattling around your head for days.

I won’t be slicing up Subway’s history with that promotion today (you can read a great write-up by The Hustle for that), but I will be talking about why you’ve got to think beyond price when considering your message to the world.

We’ve talked in prior weeks about defining the ‘why’ behind what you do. This is critical to getting folks actually engaged in your offering versus the competition. Without it consumers will decide for themselves who makes the cut based on one thing: convenience.

When times are tough and cost feels central to the consumer narrative, many brands are tempted to lean into price as their why. In other words: “buy me because I am the best price / lowest price / less expensive choice …”

Some companies have been effective as price-driven brands – see Aldi and Walmart, for example – but generally it is not an emergency strategy to consider.

I can guarantee that telling consumers to pick you for price alone will do at least three things for business:

1. Attract the wrong types of customers

2. Set terrible brand expectations

3. Ruin your profit margins

One brand plagued by price in recent times is none other than Starbucks. In fact, the last CEO was essentially fired by the board after just 17 months on the job as a result of price not working (among other things).

As you think about your message to the market, carefully consider what you want your leading line to be. Your brand must be more and mean more to consumers for them to consider you – and even more so if others have you bested at convenience.

If you put the focus on price, price is where customers will focus.