If you are using discounts as your sales strategy, here is why you may want to reconsider 🤔 (1 min).
Updated: Oct 8
#entrepreneurs #businessowners #business #operationalexcellence #businesstransformation #startup #startupstory #cofounders #startupfounders #startups #startupecosystem #startupfunding #investors #angelinvestors #angelinvesting #venturecapital #entrepreneurs #businessowners #executivecoaching #businesscoaching #businesscoach
A lot of businesses resolve to competing on pricing. Know this that, if pricing is your only differentiator, your business is likely to be short lived. I am of a view that one should never offer discounts. As soon as you do, you bring in customers with a focus on pricing. There is no loyalty in those customers. No longevity of that business. They will only buy from you if you are the cheapest.
Now the strategy of being the cheapest may work if you are a Costco. If you aren’t, here is what you can do. Instead of giving discounts to your customers, give more value. Like give away a bonus product, feature or service that will truly help them at no cost, as an eg if you are selling a software, throw in some professional services; if you are selling shirts, offer a free pair of socks with it.
What this change might do for your business is generate a healthy, loyal and longer lasting relationship with your customers. And give your business the relief from having to always compete on price.
Hope this was useful.
Surayansh @Founder’sGO2; guaranteeing business improvement