Are Discounts Worth It?
In online marketing, discounts are probably a good idea as a bonus, but not as a holiday discount.
Let me explain...
Around Black Friday, "DEALS" are everywhere. Your email inbox. Your text messages. Your phone push notifications. Your mailbox. You get fliers. On and on.
It's actually hard to escape them.
But, if you're a business owner or aspiring business owner, I'd like to offer a new perspective for thinking about discounting products and services.
During Black Friday/Cyber Monday, or any other holiday, many people who 'sell information' will offer 50% off their digital products or their coaching and consulting, etc... But not only does the devalue what you offer, it also makes a statement to your potential clients.
For instance, I saw multiple emails from a certain Gary Guru about how he's offering 50% off his flagship digital course. Typically it costs thousands of dollars, but he's shaving 50% off the price over the weekend.
Arguably, this is the beginning of the death of that digital course.
The moment that someone begins heavy discounting of their products/services is really the moment when that individual concedes that maybe their products/services aren't really worth what they're charging.
But it's not just that.
They also appear desperate to their clients, and their email list becomes TAINTED. Suddenly, past clients who paid full price feel confused. "Why did I pay full price for that education, but others are paying less?"
Their audience is never going to feel like they're getting a "deal" ever again, and they're never going to feel excited to buy something at full price... ever again.
It's a short-term cash grab that has long term consequences.
So this Black Friday, as you're considering the "popularity" of discounts and coupons, I'd like to challenge you to think differently than the masses.
- Don't devalue your products/services - Stop feeling like you're stuff isn't worth higher prices - Realize what you're offering really is valuable - Don't discount (if anything, add bonuses to juice up your offer) - Never play the 'short-term cash grab' game... ever.
Hope this article helps you run a more successful business.
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