To discount or not to discount?
You can’t move for a Black Friday deal right now, and even without this two-three weeks of discounted products and services all over the internet, the issue of discounting is problematic at best, divisive at worse for small business owners.
Some business coaches will tell you NEVER DISCOUNT YOUR SERVICES, and heres what I think about that.
In business, in all business there are premium brands and there are not so premium brands, there are the Pradas of the world, and there are the Primarks, but also there are those brands who are somewhere on the scale somewhere in between, like Puma, Phat Farm, Patagonia, Panache….and each of those fashion brands will have their own strategy around discounting, as should you.
The main thing which comes up I think is the concept of fairness.
- Is it fair for some people to pay more than others?
- Is it fair to out price other people in your market?
- Is it fair for people to pay less for a product that is worth more?
My brand is an accessible, vibrant, ever-evolving brands and YES I do offer discounts.
- I discount for paying in full for my longer term masterminds
- I discount for early adopters, folks who are taking a risk because a product or service isn’t tried and tested
- I discount if I am retiring a product or service
- I discount by offering occasional BOGOFs (often for my running community so they can bring a friend for FREE)
- I discount for specific events or communities, if I am speaking at an event for example I may offer an event only discount
But where does this leave you as a consumer dealing with all of the discounts out there?
- Do you need it – Seriously ask yourself am I going to use this product or service, is it going to help me NOW?
- Does it represent value for money – Even at the higher price, or has the higher price just been made up?
- Can I quantify the return on my investment – And remember you still have to do the work, buying things in and of itself for your business (or life) does not automatically improve it do
One of my clients from my Unstoppable Mastermind was umming and ahhhring last week about offering a discount this month for all the same reasons you probably do, anyway she’s gone with it and made almost £3000, with a few hours left of her 48 flash sale…on a service she has to run anyway, and makes no difference if one person shows up or 400….and this in no way discredits her main VIP service.
Good luck out there people, and you do you. Don’t listen to the folks who have opposing views to you…send them love, and then crack on with doing your thing.
Happy Shopping, and Happy Selling
my black friday "all in" offer
Go Big or Go Home is my business growth incubator, the next round opens it’s doors officially in mid January, but I have a brilliant early adopter discount for anyone who registers before the 1st December
What does it include…
- A place on my GO BIG or GO HOME Business Growth Incubator, worth £997+VAT (Jan – Mar 22)
- A 90 minute 121 strategy call with me, worth £400+VAT
- Audience Builder Bootcamp Lifetime Only Programme, worth £379+VAT
- The Activate Your Audience™️, (plus all bonus’s) worth £600-£1000+VAT
- A place on Decembers Big Fat Sales Challenge worth £149
- My Kinda People, Ideal Client Bundle (in development), worth £97+VAT
- A signed copy of Leading From The Back (Priceless lol…or £12.99 from Amazon without being signed)
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