Today’s eTip is about discounting your products or services.
Every entrepreneur and business owner falls into this trap. Sales are slow, times are getting tough, so the first thing that they feel they should do is hold a sale. Put everything they offer on at half price and hope to get some cash flow going.
On the surface this seems logical, you get a quick cash infusion so you can pay your bills. But the long-term dangers this tactic has can prove to be more harmful to your business in the long run.
The harm is that when you discount your offerings, you’re devaluing your business.
Warning: Discounting your products or services also devalue your businessClick To TweetSo instead of offering a discount, offer a bonus with purchase instead. This could be an additional download, a complementary coaching session or a gift with purchase.
By doing this, you’re adding more value to your product offering and providing a reason to do a marketing campaign around the promotion.
The purchasers feel like they’ve got a lot more for their money and you have not cheapened your offering.
I’d love to hear what you think – do you tend to put something on sale in order to get some cash flow going? Share your response below in the comments section or if you have a question, I’d be happy to answer.
To your business success,
Susan Friesen
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About the Author, Susan Friesen
Located in the lower mainland of B.C., Susan Friesen is a visionary brand strategist, entrepreneur, and founder of British Columbia’s premiere boutique web development and digital marketing agency, eVision Media.
With over 20 years of experience in the industry, she is an expert in helping businesses establish their online presence and create a strong brand identity.
Her passion for empowering entrepreneurs and small business owners to succeed in the digital world has earned her a reputation as a leading authority in the branding and marketing industry.
Visit www.BrandIdentitySteps.com and download your FREE guide: "Unlocking Customer Trust and Business Growth: Your 7-Step Guide to Defining a Compelling Brand Identity that Appeals to Your Perfect Clients".
