December is absolute chaos for business owners. November was fine, November was calm, you were serene, you were drinking tea and adjusting margins and feeling terribly strategic. And then December arrives, and you lose your mind.
You look at the numbers, you look at the calendar, you look at the numbers again, you do that face, and suddenly it’s: “QUICK! SLASH THE PRICES! EVERYTHING MUST GO! EVEN THE THINGS THAT JUST ARRIVED!”
You’ve gone from Fortnum & Mason to Del Boy in about three days.
And the panic is incredibly polite, we wouldn’t dream of calling it panic. Oh no, panic is for the high street, we absolutely DO NOT PANIC in luxury. Instead we call it a “Festive Appreciation Offer.” or “December Exclusives.” We label it as strategy but it looks and smells suspiciously like desperation.
The thing is though, clients know, they can feel it. Because in luxury, the price isn’t just a number, it’s a promise. It’s saying: “Yes, this costs a small fortune, but that’s because we’ve convinced ourselves, and hopefully you, that it’s worth it.”
And now suddenly it’s 20% off.
“Well hang on a minute!” the client says. “It was special yesterday! Now it’s cheaper! Is it still special? Is it just for Christmas? Am I being tricked?!”
You’ve created a crisis. A little festive existential crisis.
And then, next year, the client doesn’t buy in November. Oh no. Instead they think. “Oh I’ll just wait for the Christmas panic. Last year they called it ‘December Exclusives’ So yes, we’ll just wait for the December Exclusives.”
That’s your fault, yes you, the business own sweating uncontrollably in the corner. You’ve trained them to think like this.
You’ve conditioned them to believe the price is made up depending on your mood or your cash flow.
So if you’re panicking in December, DO NOT DISCOUNT! Reframe, bundle something, create a limited window, hide behind the word “curated” if you absolutely must. Whisper “exclusive access” in a deep voice. Add a bloody ribbon and sexy wrapping. Do anything but drop the price.
Because in luxury, once you flinch, you’re done for.
See you next week!
Paul
