It was not that long ago that I was speaking to a prospective client about a training workshop and was asked to make a concession that amounted to a substantial discount.
I was not comfortable with this so I asked my prospect if he would be willing to give me a comparable amount of his product instead. He did not have the authority to make such a decision but spoke to someone who did and my request was politely declined and so the outcome was that my client agreed to my initial offer.
I guess the moral of this story is the perception of value to the customer and that there are always ways and means of avoiding discounting your product or service. Classically we are all coached to respond to an objection by reiterating the value of your offering but sometimes feel inclined to offer something to obtain the sale.
Whether you have a new start up or have a well-established business that has been trading for decades, it is always beneficial to look at creative means to generate more sales. While you might be inclined to offer discounts to enliven existing or entice new customers, this can have an adverse effect on your profit margins and end up being counter-productive especially as customers end up waiting for discounts or seek bargains or negotiations before they will make a purchase.
If you’re looking for some simple yet effective ways to increase sales without offering discounts today here are some other ideas you can sample
It’s important to remember that people buy based on the value or benefits they will receive from a product or service, rather than due to the features that it is said to have. In 2016 ore than ever customers will look for outcomes or results and simply won’t be enticed to open their kitty or press the buy button if they simply can’t understand how your product or service will make their lives better or easier or make them money or save them money. Always try and present your offering in simple “Daily Mirror” language as this means that your offer is easily understood and not couched in geek speak and can be easily grasped by your customers.
Try and Buy
This won’t necessarily work for all types of products or services, but if you sell a lower-cost item then it often pays to entice people in with free samples or if a higher value service then offer “a taste” of what you can do for your client or offer the first 10, 15, or 30 minutes of your time free. If customers are a little apprehensive about trying something new you can usually get them over the line by letting them try a sample first. This will encourage them to then make a purchase for a full order.
Offer Bulk Discounts
Another great way to increase sales significantly is to introduce incentives for customers who place bulk orders but what qualifies as “bulk” will vary from business to business, but the concept is the same. This can be enhanced by providing clients who buy larger quantities than normal a reward of some such as a free promotional item, free membership, or free shipping or an incentive on the next order.
We all will have undoubtedly received a free gift with purchase yourself at some stage over the years. This technique is often used in the health and beauty industry and as such nets many such companies plenty of additional sales throughout the year. Like many customers we love to receive “something for nothing,” and a limited-time free gift will often spur them on to buy when they may not have otherwise have done so.
Get clients Involved
Another effective way to increase sales is to get clients more involved with your business and more interested in your products and services and this can be achieved by running a competition to draw people in and encourage them to purchase. You could get customers to suggest or name new products or services for the chance to have that item for free, or run a competition to reward the person who buys the most of a certain range or a good within a set period. This has the added effect of seeing the customers behaviour and if they are inclined to share your promotion with their followers or colleagues.
We hope that you may find some of these tactics helpful and If you have any further suggestions or tips on how to avoid the price game or the Dutch auction then we would love to hear from you @clientmarketyks