Property Prices, Mini Eggs and Marketing
Originally sent exclusively to The Letter subscribers on March 23rd. Want to be the first to get my personal newsletter in your inbox every Monday at 7am? Subscribe for free here.
When can you charge more and people have to pay up?
This weekend I have two tales to tell.
I cooked this Sunday. I love cooking.
We needed some essentials as we were a tad bare at home. Family vote… spag bol it was.
I took Darcey, my 5-year-old, to Sainsbury’s with me.
It’s been a while since I’ve whizzed around a proper supermarket. Forgot the bags as well, so I was in for a rip-off. 40p a bag now.
How about… jog on, Sainsbury’s, with your 40p plastic bag.
For a moment, checking a few aisle prices, I thought I’d walked into Fortnum & Mason or Harrods.
I don’t usually do the food shop. It just appears in the fridge and cupboards… courtesy of Mrs S.
Easter’s around the corner and I love a Mini Egg. I spotted barrel bins full of the dietitian’s nemesis.
I refused to buy them though.
Mini Eggs £2.45 a bag, said the price tag.
Hang on a second, Squire. They were a quid not that long ago and that was for a proper bag.
These days shrinkage makes you feel like you’re getting a war ration. I swear the bag feels like one of those free samples you’d get on the front of a magazine.
Same size bag though, of course… just more oxygen than eggs inside. I genuinely thought about using the bag to pack my shopping in… same myself 40p!
Shrink flatiron is like Cadbury’s have taken the government’s “be treat wise” campaign and thought, yeah, we’ll run with that… and call it portion control.
I came out £80 lighter and sounding like a tribute act to Victor Meldrew.
One bag of spag bol ingredients, some bananas, a bottle of cordial and some K-pop Demon Hunter pyjamas.
(For Darcey, not me)
Honestly… £80. I felt violated.
On to take 2, the day before, I went to see a commercial property.
I saw it about 20 months ago. They wanted £1.1m. Didn’t sell. I didn’t bite. I liked it but it was over priced .
Now they want £800k.
£300k off.
Property prices have come down.
Food prices have gone up.
Some property doesn’t go down and always goes up.
Here’s the difference.
Love.
Want.
Need.
When people love what you do, want what you have, and need it…
You don’t have to stress as much about pricing.
If I want me and my family to eat, I’m paying Sainsbury’s.
That property?
People loved it.
People wanted it.
There were offers.
But no one actually needed it. So prices come down.
Supermarkets know what’s going on.
Recessions are decent for them. They always do well in downturns.
People stop eating out.
They cook at home more.
They treat themselves in smaller ways… chocolate, booze, little comforts.
Cadbury’s had a record year in 2008.
If you’re in a love and want business, but not a need…
You’ve got to be better.
Better product.
Better marketing.
Better offers.
Most people pull back when things feel tight.
That’s exactly when you should lean in.
There’s still money out there.
People just think harder before they spend it. So give them something worth saying yes to.
Not discounts. Never discounts. Discounting is death.
Offers - juicy well thought out margin protecting offers.
And lastly:
I’ve started making more short-form content again. Even playing around with a bit of editing.
I’m no editor. I’m no cameraman. Spielberg, relax, you’re safe.
But I can present and I can tell a story.
And that’s what really matters.
Storytelling is a skill all entrepreneurs need to get really good at.
If you’re not following me on Instagram, you know what to do.
I’m sharing what’s working, what’s not, what’s getting me up and what’s getting me down.
Little nuggets you can actually use.
Think of it as the appetisers to tickle your taste buds, while the podcasts and YouTube are the main course.
I’m more convinced than ever of this:
Short form reminds people you exist. Long form builds trust.
I do it myself.
I discover on Instagram… then head to YouTube when I’m properly interested.
To your continued success,
James
P.S. Have you heard about our new programme, the Business Accelerator? It is flippin fantastic! Every month you get an event, an audit, one to one coaching with our Business Accelerator coach, and monthly webinars with me. Take a look at all the information here.