Most small business owners I know don’t believe that you can easily make more money without discounting. Learning this skill has saved more than one business owner and has put more money in their bank account than they thought was possible.
In the past I’ve written more than one blog post about the dangers of discounting. You can find links to all of them right here. I think in one of them I tell the story of a former client who had completely devolved her income and had to close her business due to deep discounting. She had the erroneous belief that discounting would quickly build her customer base. In the end, she discounted herself right out of her ability to pay her office rent or her personal bills. Ugly, right?
Today I’m giving you 5 ways to keep your price point where you want it even if you believe that people won’t buy unless you discount.
1) Personally call 3 or 4 people who have already paid your full price. Thank them for their purchase and ask them what caused them to become a client (or customer) right now. Ask permission to use their words in your copy (and their name if it makes sense to do). Use their emotionally-laden words in your sales page.
2) Strengthen your copy so that your price point becomes completely compelling. Give stories of successful your successful customers or clients. Make the copy more emotionally appealing. Use stronger visual content (graphics). Make it be a total no brainer, the feel is that “I’ve got to have this.” Test your copy on a small group before you go big with it.
3) Do not lower your price, but add a short-term value. Give away access to something along with purchase for a short 24 hour time frame. Warn people ahead of time with an email – a special is coming on THIS DATE that will be available 24 HOURS ONLY. Get this in your mind “don’t discount, add value.”
4) Offer your product or service with a “pay in full” bonus. Add extra months on the end (if it’s a membership program) or a special event for paid in full customers only. This gets money flowing and adds value rather than looks like a discount.
5) Do a drawing for a $50 gift card or something else that makes sense for your situation, especially for those who renew in 24 hours.
I believe that you lose credibility when you set a price and then constantly discount. You’ve worked to establish that new price point and you’ve made some sales already. Quit discounting! It’s one reason people don’t pay your prices – they know you will cave with a lower offer if they wait you out. As Mr. Wonderful would say, “Stop the madness!” Make more money without discounting – you can do it!