The Curse of Discounts
You don't have to counter discounts with MORE discounts. You'll race to the bottom and make less money. It's easy to stand out in such a hyper competitive market more then you think.
Everyone gives discounts
20% off. 40% off.
I have seen people giving out 80% off in industries such as remodeling, furniture, etc
Chances are, you might have come across your competition promoting their services with price slashes
The first thought is to do the same
Here's how most people do it?
They give more, and more and more...
To the point where margins are thin, and everyone can hardly make any money
and even if you get clients this way, they are stingy, don't trust what you say and guess what?
They start to care about stuff other then discounts
Is the quality good?
Do you give guarantees?
Is there after sale?
The worse of all...
It forms trust issues. Clients can't trust you as you are giving it so cheap
And even when you have undercut the price, they'll start whining about getting more discount
It's the worse
Discount is a curse
Now, I am not saying you can't give discounts overall
But, the problem arrives when you promote yourself out there, and incentivise people to come in contact based on this
Yes, I have given discounts in a highly effective way
Long story short: I framed 10% off to be great then 50% off discounts using 'The Paradox Slash' framework
Therefore, when I say this, I am saying from experience.
okay, so what should we do?
I have got better results without using discounts in my marketing (increasing number of patients from 30 to 50 a month)
And it's based on this one principle that you know, but are not realising it yet
People want MORE then discounts
Think about what happens when you agree to work with someone on a massive discount
They still want more...
More quality
Fast service
Guarantees
They'll try to squeeze every inch of value out of you, and still want more discount.
It was never about discounts.
It was about getting the best price in comparison to the value you are providing
In your ads, content, marketing in general; instead of just talking about being cheap or affordable or X percent off...
Show what makes your product better then the competition, based on what the end customer wants
This could be:
Video of your projects
client testimonials
Showcasing awards and credentials
Quality website/images to communicate quality
Showcasing craftsmenship
Certain deadlines
etc
To discover value factors for your business, ask yourself:
> What are my clients concerned about after getting a discount?
The answer to this question is what's going to break you from the curse of discount
Because you won't be competing on pricing any more after asking this next question
> Which one of these factors am I delivering better on in comparison to my competition, or unique and valuable enough for my clients to prefer me over the others?
This way, other then attracting quality clients, you'll attract people that will value what you do, for how much yo do it.
If someone still wants discounts, you'll know have a better chance as they know what they are getting
And everyone knows, quality is not cheap.
This is how you break the curse of discounts, by talking about what they value after getting a discount in your marketing, thus attracting quality leads, avoiding headaches, getting more market share without racing to the bottom and making more money.
More Clients Guaranteed.
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