Episode Description
In this episode of the “Ranch and Table Podcast,” host Lee Wells discusses the topic of discounts and their impact on business. He delves into his strong stance against discounting products, arguing that discounts diminish product value and profitability.
Lee emphasizes the importance of maintaining fair pricing without resorting to discount gimmicks. He uses various examples, such as Chick-fil-A, Apple, and Hobby Lobby, to illustrate how successful companies avoid using discounts and maintain customer trust. Lee warns that discounting can indicate deeper issues like pricing, product quality, or marketing shortcomings. He offers insights on maintaining honest and trustworthy relationships with customers.
Lee also discusses acceptable scenarios for discounts, such as clearance items, special programs like Veterans Day meals, and charitable donations. He concludes by encouraging business owners to carefully consider their pricing strategies and avoid undermining their business models with frequent discounts. Lee expresses his hope that listeners will reflect on their practices and strive for profitability and customer trust.
