When you discount your products and services you send the message to your client base that you are not worth the prices you charge.
You not only attract price-sensitive buyers but also teach them to never pay full price, and to expect more and more discounts in the future.
You cannot build a profitable and sustainable business with price-sensitive buyers. And when you discount your prices or hold a sale, that’s exactly who you are attracting.
What’s worse is that price-sensitive buyers are not at all loyal, and they perceive that your brand and ‘what you do’ is something they can get literally anywhere.
Instead of discounting your prices, focus on adding value to what you already offer in order to better attract the right type of clients for your business.
For example, consider a value-added bonus when clients book with you. Or when they purchase a certain collection or product that you want them to buy.
This way you reward your clients for spending more instead of discounting before they have even made their investment.
Adding value allows you to not only increase your profit margin, but also keeps you from devaluing your brand and attracting the wrong type of clients.
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