Always Add Value (Never Discounts!) in Your Marketing Campaigns
Giving yourself enough time to promote your event or special offer is paramount. After all, the very best marketing campaigns start with a whimper, and end with a BANG!
For example, if you’re hosting an event in six months’ time, it could be tempting not to tell people about it immediately. But you’ll need to drum up interest early on, so you could start by posting about your event on social media, say once a week.
As the date draws nearer, ramp up the variety and frequency of your event communications. Record videos, write blog posts, host webinars – whatever works best for your audience.
Doing this means you’ll create a sense of anticipation for the event, as well as prodding people who might be interested to go ahead and sign up!
The Temptation of Adding a Discount
A good marketing campaign adds value, not discounts.
I totally understand the temptation.
Every business owner will understand how hard it is to stick to your (pricing) guns. Particularly when you’re only just starting out, and you’re nervous about promoting your first big event, course or product.
A couple of people saying what you have to offer is too pricey for them can have the dramatic effect of making you question yourself, the quality of what you have on offer and make you head off to slash the cost immediately.
The need to just sell more can feel overwhelming. Especially now we’re heading straight for discount ‘silly season’, as everybody starts preparing for Christmas (think Black Friday and Cyber Monday for starters!)
But before you reduce the price on something you have worked so hard on, think about what that discount is going to tell prospective customers about you….
What you’re selling wasn’t worth the price you originally put on it
You’re not very good at what you do
Still not convinced you should side-step the discounts? Here are a few more reasons why you must.
Discounts Erode Trust
Sometimes, when we don’t want to lose a sale, panic sets in. So instead of standing firm on our pricing, we find ourselves mumbling something about a discount.
Yes, your potential customer might be really happy about the sudden discount they’ve just received. But you could be setting yourself up for future mistrust, and an instant drop in the perceived value of your product or service.
Not to mention extra haggling over anything else you decide to offer!
Discounts Set a Precedent
Buying a sofa from DFS? It’s likely you won’t be buying one at the pre-discounted price.
Lowering your prices now means your customers will expect it to happen again. Not only will they be more likely to hold off from buying anything from you until the price has come down, they could tell others to do the same.
Discounts Affect Your Profit
If you don’t make money, you won’t have a business. Not only that, but discounts could mean you’ll have to work harder. For example, offering a coaching session at a 50% discount for Black Friday means you’ll be working twice as long for the same amount.
So now we’ve established how damaging discounts can be to your business, just how do you add that precious value we talked about earlier?
Instead of Discounts, Offer Something Truly Special
I advise my clients to start by creating an offer that really is special. Offer potential customers something you know they’re going to love, in a way that makes saying “no” seem completely crazy!
So if you’re a coach, perhaps you could devise a coaching programme that includes a signed copy of your book, or an exclusive download of extra resources. You could even throw in access to a private Facebook group for good measure.
Never discount; always add value!
If you sell products, there could be an opportunity to add a free gift for orders over a certain amount. This is a common tactic used by cosmetic and skincare websites, such as Liz Earle, who offer a range of free travel-sized products that increase in number depending on the value of your original order.
My essential tip here is to make sure the value you add corresponds with the original sale – there’s no point in offering a free key ring with every coaching course!
Is It Always ‘Wrong’ to Discount?
If you’ve got a supply of perishable goods that must be sold extra-quick; or you need to clear out seasonal items; maybe you’d like to offer an incentive for a bulk order. In these circumstances, a discount could be the way to go. But in the vast majority of cases, VALUE TRUMPS DISCOUNT every time.
If you want to chat about anything you’ve read in this blog, just book a call.
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