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Should your business offer discounts?

I shared this recently in a few Facebook groups which received a lot of attention and that is why I wanted to share it with you as well.

Should you offer discounts? This question always comes up, especially when starting out in business.

We all think we should offer discounts to attract more clients. More clients mean more money which means you’ll be successful, right? Nope! You have to switch your mindset.

When you think like that you are opening up a can of worms that you most likely won’t be able to control. Instead, know your worth and provide value. When you can confidently tell the client it’s going to be $x amount for that service or product and here’s why (value) then they too can appreciate your work. Once they see the value and they are invested in their business, they will buy from you.

Listen, I know how hard/tempting it is to discount your services/products and while there is a time and place for that don’t do it all the time.

[bctt tweet=”Should you offer discounts? No. Here’s why…” username=”Ed_Troxell”]

Truth moment: I almost discounted a consult the other day and I’m so glad I didn’t. A new client (a friend of a friend) reached out looking for help on her website. After reviewing what she needed I suggested we do it right and that she book a 30-min consult at my normal price. I backed it by providing reasons that showed her the value

A new client (a friend of a friend) reached out looking for help on her website. After reviewing what she needed I suggested we do it right and that she book a 30-minute consult at my normal price. I backed it up by providing reasons that showed her the value in my services.

I did hesitate for a minute before sending, thinking maybe I should be offering a discount? Then I reminded myself why? My work is good and she will receive top quality service.

My work is good and she will receive top quality service. It’s not like I’m not going to discount my quality too right? So just leave it.

I sent the quote off and she responded with “Awesome! I’ll head over and book. Thanks!”

It might not always work out this way but that’s ok. Remember, every time you say yes to something you are saying no to something else. A marketing friend once said, “Discounts train people to be cheap. Don’t train people to be cheap. Show them the value.”

If this helps just one person I’ve done my job for the day! ?

 

Share any stories you have on offering discounts in the comments below