Does discounting your price lead to more business?
These are two questions I get asked a lot.
I could give you any number of reasons why discounting your price does not make sense, but let me say the number one reason is your integrity. Need I say more?
When you offer someone a discount that you have not offered to someone else, what does that say about you? If your price is “x,” then that’s what your price is — period!
Once you discount for one customer, I guarantee you’ll come back and discount it again to another customer.
Without even realizing it, you’ve allowed yourself to follow the instructions found on a bottle of shampoo. You know the word: repeat!
Your integrity is worth more than the discount you’re being tempted to give. The amount you’ve received from every customer up to now means something too. What it means is don’t even think about discounting.
A very good business associate I’ve spent time with has a phrase he likes to use and it goes something like this: Many times the most profitable sale you’ll make is the one you don’t get. Have the courage to walk away from the customer who is demanding a discount. You’ll be amazed at what happens.
After you get over the shock of what you just did, you’ll feel good that you held firm. Second, you might just be surprised at how the customer responds. Don’t be surprised if they come back and still buy from you — at the price you wanted. Third, whether the customer does or does not buy from you, you’ll find yourself with time to go get a full-paying customer.
The option is yours.
You can do as you choose. You can even make up excuses as to why what I’m saying does not apply to you. Go ahead. I can take it.
Let me leave you with one simple thought, though. Have you ever known a salesperson who has only discounted their price once? No, there never is just one time. Once a person starts discounting, it becomes a vicious downward spiral of lost profit.
Copyright 2012, Mark Hunter “The Sales Hunter.” Sales Motivation Blog.