Why you shouldn’t give discounts?

Discounts are KILLING your brand.

But doesn’t everyone love a lil discount?

Ain’t that’s how massive companies amassed their wealth?

Apple???

You’d rarely see a brand new iPhone for a discount.

You know why?

Giving discounts:

- tarnishes brand value

- signals low confidence

- signals not trust worthy

- lower’s the perceived value

- attracts the worst customers

Usually businesses doles out discounts when they need more customers, when they are starting out, or when they are need more cash.

In the short term, it’s a brilliant strategy.

Boosts revenues, solves the inventory problems, and boosts businesses.

But that’s just the one side of the coin.

The other face of the coin reveals:

? chargebacks

? angry customers

? demand for more discounts

? unfair to customers who paid full price

It makes sense.

But how can a boost revenue and get customers without giving discounts?

I’m not against discounts.

Discounts are a great way to boost business.

But you need a STRONG reason for the discount.

Let’s take the example of apple.

It only gives a discount to students.

And that counts as a Nobel cause.

Helping people get an education.

However, I would still not recommend giving discounts.

5 strategies to boost your business WITHOUT discounts (and its consequences):

1. Free shipping

Free shipping above certain order value.

It not only boosts your sales.

But also bumps up your average order value.

2. Stacking up offers

Creating a bundle.

Stacking up a few of your products together.

And presenting them as a better deal.

For example, McD’s happy meal or combo deals.

3. Limited editions

Offering exclusive limited edition products.

OR…

Creating time sensitive deals.

The item won’t be available for sale ever after or for the next 6 months.

The best way to boost your sales.

4. Customer satisfaction

Bettering your product.

Bettering your messaging.

Bettering your onboarding or after sales experience can lead to a satisfied customer experience.

And a satisfied customer, not only would buy from you again but will also tell about your brand in his circle.

So creating a satisfied customer experience kills two birds with a stone.

a) repeat business

b) word-of-mouth referral

5. Membership

Offer a yearly or monthly membership plan.

For better deals.

Use these 5 strategies to attract La-creme customers.