Price is what you pay, value is what you get. — Warren Buffett
Thanksgiving, Black Friday, Cyber Monday, Christmas, and end-of-year specials are traps for the inexperienced entrepreneur. Unwary businesses get sucked in by short-term revenue opportunities, only to realize it was all a big mistake a few months later.
When correctly applied, discounting is a signal to your (future) customers that you are willing to accept a lower price for the same value delivered. Your ultimate goal with a discount is to generate short-term revenue by triggering a series of psychological effects, especially:
Urgency: You are giving customers a reason to act now instead of later.
FOMO (Fear of missing out): You are telling customers they are going to miss the opportunity if they don’t jump on board now.
But discounting is hard to get right. It can easily end up with a negative impact, not only on your company’s top line but on your reputation. The negative effects are long-lasting and hard to reverse because the price is the most important piece of information your customers have about your product.
The way you price your products tells customers more about your company than a thousand words. Have you…
Most times, adding a time indicator is enough to make your discount not look like a desperate attempt to sell more. Another, and probably a better option, is to include the reason for your discount in your campaign name.
“Hey [Prospect's name], Thanks for your interest in our product. We understand you want a discount on your order, and we deeply value your business. Unfortunately, we can't offer a discount at this time.
And your potential customer will hear it, which will likely affect their buying decision. Don't let the desperation creep into your vocal chords. Take a deep breath, compose yourself and picture the confidence you want to present to your caller before picking up the phone.
Be specific about the discount you want. It's OK to walk away should they say no. Or, kindly ask them if there are any “future discounts” and when might be a better time to buy.
If you absolutely have to reply negatively to the customer's request for a discount, do so politely. Say you're sorry, but that the price you offered them is the best value package. Stand your ground without getting defensive or forceful, even if the customer insists.
What to do: Be direct. "I need to cut expenses, and I'm not happy with what I'm paying for my cable service. Do you have any promotions right now?" If you don't make any headway, tell the customer service rep that you're a loyal customer but your friend has a better plan with another company.
Noun The store offers a two percent discount when customers pay in cash. a discount of 20% from the original price Verb The vacation plan included a discounted price on our hotel room. Car dealers are heavily discounting last year's unsold models.
If a customer asks for a discount, train your sales team to ask why your company's rate doesn't seem appropriate. If they say your product is expensive, ask them what they're comparing it to. Perhaps they've seen it at a lower price elsewhere.
What to do: Be direct. "I need to cut expenses, and I'm not happy with what I'm paying for my cable service. Do you have any promotions right now?" If you don't make any headway, tell the customer service rep that you're a loyal customer but your friend has a better plan with another company.
Be direct. There's no shame in sending a humorous, well-written email letting your subscribers know that you are accepting new clients. Or if this just makes you feel too desperate, another tactic could be to ask happy current customers to introduce you to others. If you have someone specific in mind, say so.
Introduction: My name is Neely Ledner, I am a bright, determined, beautiful, adventurous, adventurous, spotless, calm person who loves writing and wants to share my knowledge and understanding with you.
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