In episode 39 of the GUIDE Culture® podcast, Macy and Kathryn address something that many business owners and entrepreneurs may have a tendency of doing: DISCOUNTING. Are you addicted to discounts? Listen to find out why you should stop discounting your product or service.
- Why you shouldn’t give discounts (3:43)
- Conditioning your customers to buy off urgency and not value, it’s a cycle.
- Story about Iron Tribe Fitness (6:50)
- Instead of discounting, add enough value to create loyalty with people.
- What is a discount? (12:30)
- When to give samples.
- Qualify the right customers. (15:30)
- Value Adds – going above your call of duty.
- There is a way to add value without giving away everything for free.
- “Earn” is a verb. To earn business takes time. Discounts do the opposite because they happen so quickly.
- Be excited to repel the people who are not your people.
- If you think your product is expensive, other people will think its expensive too. If they see it as expensive, they won’t see it as valuable. (26:30)
- The price has nothing to do with the value.
- How to get your people excited about your product (28:55)
- Enthusiasm is the belief in what you’re doing.
- What to do if everyone around you is selling the same product and offering a discount (31:19)
- What do you gain by showing discipline and not discounting (32:27)
- When you know how to communicate what you believe, it draws in the right customer.
- Q&A’s from Instagram. (40:20 – 45:15)
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