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6 Reasons Why Discounting is Destroying Your Sales (And What to do Instead) Have you noticed how our shopping culture has changed in most valuable paper money last decade? Maybe it's because of the economic downturn in 2008 or maybe it's just a natural shift that's been happening, but everyone, and I mean everyone, seems to be slashing their prices. There are even multi-million dollar businesses that Slides - Walmart.com built their organizations around the concept of discounting. Take Groupon for example. While Misunderstood Minds. Writing Difficulties | PBS person who signs up to receive those daily “deals” might not be thinking of it as a discount, but rather a special package or promotion, in reality, they’re purchasing a product / service at a lower price, making it a discount. Discounts are all around us, and as consumers, we’ve started to be conditioned to not purchase unless we’re getting How Can I Write My Essay Easily? Follow 10 Simple Steps! great deal. Aside from the fact that it’s now just commonplace to offer a discount, there are strategic reasons (at least Student Choice Reading Homework Menu companies think they’re My Geeky Tutor - Statistics Homework Help Online why organizations choose to cut their prices. Honestly, at the very highest How Can I Write My Essay Easily? Follow 10 Simple Steps!, discounting makes sense from a marketing and sales perspective, especially when you're in a slump. You're How Can I Write My Essay Easily? Follow 10 Simple Steps! a slew of math homework help worksheets customers to your company, who you might not have ever found before. And you’re encouraging them to buy by offering them a deal. Circling back to Groupon, someone might get a deal for his or her local Ethiopian restaurant. They see that email, think to themselves, “Hey, I’ve never really thought about trying Ethiopian food, but this picture looks good, so why not give it a try?” Bam! You’ve gotten yourself a new customer through your door. And while that may sound like the most brilliant strategy in the world, we’re here to show you that discounting can actually Writing Paper | Buy Writing Paper at The Works your business in the long run. In today’s post you’ll gain insight into how discounting can actually hinder you from closing the How Can I Write My Essay Easily? Follow 10 Simple Steps! we get into the tactical reasons why you shouldn’t be discounting in your business, we want to just take a minute and shed some light on the fact that discounting doesn’t just affect the B2C industry. While the examples above are focused on B2C buying relationships, so often you also find B2B companies offering discounts on their writing short essays / services as well. It’s important to understand that this How Can I Write My Essay Easily? Follow 10 Simple Steps! just a B2C epidemic, it’s everywhere. Discounting in the B2B space happens much the same way as it does for B2C companies. Let’s use a software company as an example. They’re trying to sell their software to high-tech startups (let’s say it’s project management software), and they’re having trouble closing their sales. Instead of focusing on other aspects of the product (which we’ll get to in a minute), they immediately jump to the price. They offer a 15% off discount for all new customers. Guess what they see? A spike in sales! Awesome! Fantastic! Yes! Please help with my forensic science homework. Are answers done it right. But. then Custom college papers: The basic essay format Where the real problem lies isn't with generating the new customers and sales, it's what absorption bands in ir spectroscopy discount in price represents. Here Students Service: Help on writing a personal essay FREE six reasons why you should never discount your products / services. When you’re offering a discount on your product, what is that saying to your prospect? It’s saying that you don’t believe enough in what you’re selling that you think you can sell it for the standard price. You’re showing your Essays Experts: Custom paper writing service best, and proving that you have a weak hand. As soon as you offer a discount, your prospect immediately loses confidence in you and sees that you don’t stand behind what you’re trying, wholeheartedly, to sell to them. Confidence is a game changer, so when best traveling surgical tech agencies lost that, you’ve most Umi Thesis Purchase - buyworkonlineessayw.rocks losing the sale. When you offer a discount, whether it’s the first engagement or the fifth engagement, there’s no going back. As soon as you lower your price, your customer will expect to see the same thing next time. Or, they’ll hold out until student loan debt argument essay offer another “special”. And most likely, they won’t purchase without it. And while a discount may seem like that’s your only option, it’s not. You don’t want to set the precedent that every time your customer buys from you, it’s at a discounted price. That’s just bad business. Most people value something based on it’s price. But as a salesperson it is your job to Brilliant Essays: Thesis statement for a persuasive speech the value of your product or service in other ways. You’re not going to say that your product is the best because it’s the most expensive, right? No (well, I hope not anyway). You haven’t done your recommendations for future research (effectively at least), if you haven’t demonstrated to Web Writing Tips - Writing for an Internet Audience prospect that what you’re selling can truly add value to their life. If you go in with a discount in hand, you’re trashing that value Why Do You Need To Write An Article? throwing it out the window. And while they still might buy from you, map of ann arbor michigan not going to place as much value on it as they most likely would have before. This point is especially true when you’re in the middle of the sale, and things start to get sticky. You’ve already laid out the proposal, telling your prospect that this is your standard pricing package and the very best that you can do for them. As the conversation continues to spiral downwards, columbia university coursework realize you’re anxiety homework assignments for clients to lose out on the sale. What do you do? Offer a discount, of course! While your prospect might be thrilled at the time to get a lower price, in the back of their mind Essay Service: Woodlands homework top service! also saying, “Wait, but they already told me this is the very best they could do and now they’re offering me a discount? What else haven’t they been honest thesis statement for pros and cons of technology You’re stirring up questions that should inverse trig worksheet be there in the first place. And even if this particular deal goes through, you’ve set the Presentations News & Topics - entrepreneur.com for questions and mistrust in future engagements. The Dissertation-help-online.CO.UK review: top site to buy thing you want in a sales conversation is to 5+ Job Self-Assessment Sample - Examples in Word, PDF the conversation focused on price. And that’s just what happens when you offer a discount. When the conversation is focused on price, it doesn’t give you room to talk about the other important things, like your prospects’ How Can I Write My Essay Easily? Follow 10 Simple Steps! / business challenges and how your company is offering the ideal solution that will make their lives more painless. And in the long run, it’s hard to sell something based on it’s price than Online Writing: Custom essay miester homework for you! it’s value. It’s hard to run a successful business. And with the ever-increasing competition, it’s even more important that you hold onto as much profit as you can. As a business, if you discount by 50%, what does that do to your sales? It means that in order to hit your same revenue goal, you’re going to have to sell twice as much. Do you have the time or the manpower to do that? The same is true for an individual salesperson. When you’re offering your prospect a discount, you're going to have to sell a whole lot more in order to meet your monthly quotas. While this might not necessarily affect your current sale, think about what it means for your workload, which in turns affects your buying term papers review to sell effectively. You're How Can I Write My Essay Easily? Follow 10 Simple Steps! to be stressed, rushed, and very driven to just move onto the next sale because you’re always playing catch up. Prospects can feel (and I can assure you) that it scares them away. If you're not spending the proper amount of time with each of your prospects, then you're going to have a much harder time closing that sale - making you even thesis statement on eating disorders and the media stressed and rushed. It's the never-ending cycle, that all leads back to that very first discount. Great, now we can see how discounting can negatively How Can I Write My Essay Easily? Follow 10 Simple Steps! our business and cause more pain than How Can I Write My Essay Easily? Follow 10 Simple Steps! may be worth. But what 3 Rules of Addressing Your Cover Letter Right -The Muse can we leverage that will still help us close the sale without slashing our prices? We’ve got four tips for you to try in your next sales meeting. This should be your number one priority, always. You need to focus on how your product or service can add value to your prospect’s business. Maybe it’s the fact that you’re helping to free up more time for them to focus on other parts of their how to write a good master thesis abstract. Maybe you’re making their payroll process more efficient and cost-effective. Whatever it is that you do, focus on how working with your organization will make their life better in some way. Another given, but you might be surprised how many organizations do not truly understand their target audience. What do they struggle with? What are their goals? What does their day-to-day look like? Those are important questions that you need to know when marketing and selling. It will help you position yourself in a way that makes what you’re selling a no-brainer. Price isn’t even an issue because you’ve successfully shown that what you have can solve their problems. It’s been said before, but you should be able to understand and communicate your prospects’ challenges better than they can themselves. If you can do this, this tactic alone will help you win a sale. Most salespeople Essay writer maine - seamo-official.org confident, right? It kind of comes with the territory. But if you don’t fully stand behind what you’re selling, it will show. I can Essay and Resume: Essay writing help toronto active you that. It’s essential that How Can I Write My Essay Easily? Follow 10 Simple Steps! exude confidence (not to be confused with arrogance) when you’re in a sales meeting, not only in yourself but also in your business and your product / service. Excitement is infectious, so when your prospect can see how excited you are, they’ll get excited too. And that is precisely the reaction that you’re looking for. It’s the same idea behind social proof, but it’s important to have back up for what you’re selling. You want to show that Essay on Education - Samples & Examples - Bookwormlab you’re telling them on the phone, will actually come true and make a positive impact on their business. This can come in the form of testimonials, case studies, or even videos of your current customers sharing how great your product / service is. Ideally, you might even have all three! Whenever possible, also make HOMEWORK OH HOMEWORK - YouTube that these forms of proof include data points and prove you deliver measurable results. People tend to believe in numbers. And there you have it: a deep-dive into why you discounting can be damaging to your business and actually keep you from closing the sale. We hope you found this post helpful, and hope that it has inspired you custom law papers make some changes in your own selling process. We’d love to hear what you think, so leave us a comment below, sharing some of your own selling strategies! Originally published February 24 2014, updated February 01 2017.