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105. The deal with discounts
Find out why you have an urge to give discounts and how to stop yourself from giving away money.
Learn the 7 pieces of a sustainable business
Episode 53
Learning from Real-Life Stories
Picture this: You’re running a photography business, and you’ve given some pretty hefty discounts to clients in the past. But guess what? It turned out to be a bad move. The discounts were so massive that you ended up losing money instead of gaining it. Ouch! Sound familiar? Well, you’re not alone. Many entrepreneurs have learned the hard way that discounts need to be approached with caution.
Setting the Right Price
How much should you charge for your products or services? It’s a tough question, right? But here’s the thing – when you offer discounts, you’re essentially saying that your initial price wasn’t worth it. That’s not the impression you want to give. So, it’s crucial to set prices that truly reflect the value you bring to the table. That way, you can ensure your business remains stable and successful.
Smart Discounting Strategies
You may still want to offer something extra, and that’s totally fine! Here are a few clever strategies to keep in mind:
1. Make It a Bonus, Not a Price Drop: Instead of slashing prices, try offering something extra to sweeten the deal. Throw in a bonus item, additional time, or a unique service that your customers wouldn’t expect. This way, you’ll still be adding value without sacrificing your hard-earned profits.
2. Reward Loyalty: Everyone loves to feel appreciated, right? So, consider giving rewards to repeat clients as a way to say “thank you” and encourage them to keep coming back. Just be sure to strike a balance between showing gratitude and ensuring your business remains financially healthy.
3. Early Birds Get the Discount: Want to boost cash flow and encourage prompt payments? Offer a special deal to customers who pay upfront or within a specific timeframe. It’s a win-win situation – they save money, and you get the funds you need to keep things running smoothly.
Conclusion
So there you have it- the art of giving discounts made simple. By understanding the reasons behind your discounts, setting fair prices, and implementing thoughtful strategies, you can navigate the world of discounts successfully. Remember, your business deserves to thrive while offering value to your amazing customers.
Want more?
Ingvild Kolnes is the host of the Sustainable Photography Podcast, an educator for photographers, and is ready to help you with your photography business.
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hi, I’m ingvild
This podcast is all about education and inspiration for photographers. A sustainable business is profitable and lasting. Instead of short-term wins you want to make sure you’re doing things that matter. Both to yourself, and to create the business you want. The goal of this podcast is that it will help you build and structure your business around your life, instead of the other way around.
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