Learn a few tricks how to add value without discounting your product or service. When you discount it eats into your profits. Just don’t do it!
Sunshine: Are you guilty of giving discounts?
Crystal: Welcome to The Love of Business. I’m Crystal.
Sunshine: And I’m Sunshine. Let’s get to it.
Discounts? Why do people do it?
Crystal: That’s the dirty word in business, discounts.
Sunshine: Are they doing it because they’re afraid that they’re going to lose the sale?
Crystal: That’s exactly why they do it. They’re afraid that they’re going to lose the sale, maybe because they don’t have a proven sales process in place.
Sunshine: So, are you going to teach us how not to give discounts?
Crystal: Yes, I am. So, before I tell you how to stop discounting all together, it’s important to know that discounting is the number one business killer across every industry, across every business, across the world. It eats into your profit margins. And before you know it, you don’t have any profits.
So, how to stop discounting. Number one, be proud and confident in your pricing because the other person can feel it. Number two, instead of discounting, maybe add a low-cost value proposition. And I’ll give you an example. One of our clients sell sofas, and when someone buys a sofa, he throws in some pillows with it. They are low cost to him but high value to the customer. And number three, when someone asks you for a discount, and they will, and that’s okay, you just smile nicely and say no, but you can pay full price.
Sunshine: Paying full price, huh?
Crystal: That’s right.
Sunshine: What’s your number one takeaway from today’s video? Leave us a comment. And thanks for watching.
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