It’s natural to feel the urge to offer discounts when launching a new product or service. It might feel like the fastest way to attract customers and make sales. However, this strategy can lead to a challenging predicament that can be difficult to rebound from.
When you constantly discount your products or services, you inadvertently send the message that they may not be worth the full price. This, in turn, lowers your brand value and makes it challenging to charge full price in the future.
Think about it: Would you consider buying a product at full price if you know it will be on sale next week? Probably not. And neither will your customers.
So, how can you avoid falling into the discount trap?
Focus on building value. Communicate the benefits and value of your product or service, not just the price. By doing so, you can help your customers understand why your product or service is worth the full price.
Improve your sales skills. Practice makes perfect. The more you refine your sales techniques, the more confident you’ll become in selling your product or service at full price. You can also consider hiring a sales coach or taking a sales training course to improve your skills.
Stand behind your pricing. Have confidence in your pricing. If you’re providing a quality product or service, it’s worth every penny. Don’t be afraid to charge what you’re worth.
And what about friends and family? Should they get a “special” discount?
While it’s wonderful to have the support of friends and family, remember that your business is your livelihood. They should want to support you by paying full price, just like any other customer. This isn’t about charity; it’s about valuing your hard work and the quality you offer.
Running a business isn’t a sprint; it’s a marathon. And the journey to success starts with valuing your offerings appropriately. So, stay strong, trust your worth, and keep striving for greatness. Your business deserves it. YOU deserve it.
According to a Harvard Business Review article, offering discounts can lead to a challenging predicament that can be difficult to rebound from . Remember, your business is your livelihood. You should want to support yours.