Stop Offering Discounts, Start Offering Value
Are you still offering a 10% discount for the first purchase? Let’s get creative.
Cover photo by Simone Hutsch on Unsplash.
Whether you are a business owner or a consumer, you probably see every kind of discount or monetary incentive for purchase everywhere around you. Black Friday sales, 10% off the first purchase and end-of-season sales are just a few examples of boosting sales by making customers pay less than the standard price. Almost every business seems to offer discounted products or services, but are you sure you should do that too?
While offering a discount is a quick and easy way to sort your marketing out and feel like you’re on top of it, it can also harm your brand and lead to poor results in the long term.
When you offer your customers a discount, you are essentially suggesting that your product or service is less valuable than you claim.
You are also shifting your customers’ focus from attributes and benefits to price, from quality to quantity, and from vivid uniqueness to bland impersonality.
Even worse than that, when you offer your customers a discount (however you call it!), you teach your customers that you are the kind of business that offers discounts, and you build expectations. As a result, you imply that waiting for the next great offer or promotion is always a good idea, discouraging them from purchasing your products at full price.
Wouldn’t it be great if your customers chose your creations, products, and services because they are amazing – not because they are cheap?
Actionable tip
Next time, instead of immediately resorting to “discount mode”, ask yourself: How can I enhance my offering to make it more appealing without diminishing my brand and product's value?
Avoid getting caught in a race to the bottom. Instead, let’s unleash our creativity and focus on providing value. Keep in mind that your project deserves a thoughtful approach to attract exceptional customers!
Francesca – Armonica Studio
Francesca is the creator of Armonica Studio, a marketing consultancy focusing on strategy and communication. She is a Brand Strategist, a Communication Consultant, and the creator of The Armonica Blog: Marketing Insights And Actionable Tips For Creators And Makers. She currently lives in Berlin, Germany.
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