Discounting your service can often feel like the only option for a surge in sales but avoiding a negative impact your income is the key to success
For many businesses, when it comes down to the final negotiation before the sale, the question of discounts often arises. However discounting your products or services can have a negative impact on your brand and your profitability – and can build an expectation with your customers that you will always give discounts.
Here are my top 5 strategies to make more sales without discounting. These will not only make your customers feel special and valued, but they’ll also feel like they got a great deal!
1. Product Enhancement
Consider offering a small additional product or service to your main product, that will enhance the experience for your customer and cost you very little. Think of it as a bonus which might also personalise your product and make your customer feel special. Maybe additional support or one-on-one consultation etc.
2. Referral Offer
This is a great deal for you and your customer. How about when you buy from you, they also get one of your smaller products or services free, if they refer a friend who then makes a purchase from you. This not only gives them a great deal, building customer loyalty, but you potentially get a new customer without needing to spend money on marketing.
3. Testimonial Offer
This is very similar to the Referral Offer, but this time you’re offering one of your smaller products or services free in return for a great customer testimonial. Using this testimonial on social media and website can deliver massive long term returns in bring in new customers without discounting.
4. The Inner Circle
Another strategy for making your customers feel special is by creating an Inner Circle, or VIP level to your product or service offering. You can then use this as an alternative incentive to making the sale by offering free or limited time access to this group or club, together with it’s associated benefits.
5. Future Purchase Incentive
This is very much like having a rewards scheme where your customers get points etc based on their purchases and these point can be redeemed at certain times to boost sales at key points in the year. This can be really effective in generating additional revenue at quiet times, without needing to use discounting as an incentive.
Try some, or all of these tips and see if you can generate additional sales and customer goodwill, without compromising your brand.
If you’d like to learn some more business growth ideas and strategies, then come along to one of our weekly Bizmosis® events.