The Dos and Donts of Discounts
On today\u2019s episode, I\u2019m diving into the do\u2019s and don\u2019ts of discounting your services. Discounting should not be used as a strategy to\xa0 compete on price - cause that\u2019s a losing game. If you\u2019re priced \u201ctoo high\u201d for someone - chances are they\u2019re not the type of clientele you want to be attracting into your business for long term growth and stability. BUT there can be a lot of ways in which discounting is an effective marketing strategy to increase new clients coming into your business.
In this episode I\u2019ll share...
\u2705The strategic purpose of discounts/sales/promotions
\u2705 What to do when your discount doesn't work to bring people in
\u2705 Real talk about model pricing
\u2705 How much to discount your services for a promo and creating an irresistible offer
\u2705 Determining Customer Lifetime Value to inform your promo strategy
Send me a DM on Instagram or TikTok if this chat helped you to change up how you are going to run your next promotion!
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Episode Highlights:
- [1:54] -The purpose of discounts and promotions
- [7:39] - Build a following of potential clients that wants what you have
- [13:10] - What model pricing is aimed for
- [18:20] - Pricing discounts is a constant testing and adjustment
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Happy business building!
Have a good one!