6 Questions You Should Ask Before Offering a Discount
Send us a text There are three types of discounts effective, ineffective and unnecessary. Most small business could benefit from being more careful about the discounts they offer and when. In fact, when it comes to "leaking" profits, poor discounting habits are often the biggest drain on your profits. It makes sense to put more rigor and thought behind what you're doing. Preparing in advance for what you will do and when, and having a clear internal policy for your team (if you have one) will...
There are three types of discounts effective, ineffective and unnecessary. Most small business could benefit from being more careful about the discounts they offer and when. In fact, when it comes to "leaking" profits, poor discounting habits are often the biggest drain on your profits. It makes sense to put more rigor and thought behind what you're doing.
Preparing in advance for what you will do and when, and having a clear internal policy for your team (if you have one) will help you eliminate unnecessary discounting. It can also help you improve the effectiveness of the discounts you do offer.
In this episode:
We take a look at 6 questions you should be asking yourself before you decide to grant that discount or even before you decide to lower the price. These questions will help you be more clear about why your offering them and help you be more clear about the business purpose behind the decision.
Highlights:
- 0:00 Introduction
- 02:45 Business Purpose of Discount
- 07:02 Impact needed for Success
- 08:01 Impact on Perception
- 09:04 Who am I really targeting
- 10:18 How can I monitor how this is going
- 12:19 Do I still want to offer a discount
- 14:07 Wrap Up
*********
Reach Out, Connect or Book a Call with Janene
Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the the self assessment Pricing Scorecard ( www.thepricinglady.com/pricing-scorecard ). Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.
Get in touch with Janene. If you’ve got a question that needs answering, a challenge you’re facing or you have suggestions for future topics or guests, let me know. Contact Janene ( https://thepricinglady.com/contact/ )
Transform your business and life. My business is about helping you build a better business. One that’s profitable and where you can confidently charge for the value you deliver. Let’s see how we can work together. Book a complimentary Discovery Call today! ( www.thepricinglady.com/book-a-call )