When life gives you lemons, drop the price of lemonade

Traditional thinking and economical principles dictate that when demand increases so should price, at least I feel like that is what I learned in Economics 101 eight years ago. So when I read this article about what Coca-Cola is doing with their Limon Y Nada vending machines in Spain I was rather impressed with the creativity. 


Instead of sticking to the traditional vending machine model which consists of a price probably 100% higher than what you would pay at a corner store or grocery store Limon Y Nada decided to show some compassion for their sweltering customers. On the vending machine they installed a thermometer and as the thermometer rose with the heat the price of a drink dropped.

What do you think would customers appreciate a price-break when they are most desperate for your product? I think it could help make a lifetime fan of your product.  

Rewarding your best customers while boosting your sales

Nowadays sports fans have a multitude of options available to them for following their favourite team. Online game-trackers providing real time play-by-play, HD television and internet radio feeds. Sports franchises themselves are probably most worried about the emergence of HDTV because the product is so good that it is almost like being in reasonable seats at the game. That means they need to find a way to make the game experience that much better to encourage fans to continue to buy tickets for the real deal.

Like a franchise rewards their top players with long-term contracts, they also need to look at ways to reward their best customers, season ticket holders.

A football/soccer team in Italy has come up with a brilliant way to thank their best fans while at the same time probably create a large rush for merchandise. Recently Parma Football Club revealed their kits (or uniforms as us North Americans call them) for the upcoming 2012/13 season.




 

See those faint grey lines on the white part of the jersey? Those are the names of every single season ticket holder. Genius. What better way to thank your fans than having your players wear their name in games. I guarantee they will sell quite a few jerseys, especially to the season ticket holders. 

Don't let them leave empty handed

Recently I was in the wedding party for a friends wedding. We had arranged to get suits using a new company named Indochino that has you size yourself, enter the numbers on their website and three weeks later you get a custom suit delivered to your door. Now there were some problems with the initial suits as one could have predicted but the company has addressed this by offering a free remake if a tailor you take it to recommends they remake it. They also offer and alteration credit if only minor tweaks are required. So after getting sized up properly and receiving my new suit I needed to return the original suit to the company.

Indochino happens to have their head office in Vancouver so I decided to just walk down and drop it off. I was greeted at the door by one of their employees who then decided he could not let me leave the office empty handed. He proceeded to give me one of their newly designed "Suit Utility Kits" which included a black tie, cuff links, tie clip, and handkerchief.

I was a little frustrated with the suit process initially but when they gave me this small gift I turned into an advocate. I am now happy with a great looking suit and perfect accessories to go with it. It can be pretty easy to diffuse a customers anger with something this small. Isn't it better to invest the small amount of money instead of losing a potential repeat customer? Well done Indochino.