6 Questions You Should Ask Before Offering a Discount
Episode description
There are three types of discounts effective, ineffective and unnecessary. Most small business could benefit from being more careful about the discounts they offer and when. In fact, when it comes to "leaking" profits, poor discounting habits are often the biggest drain on your profits. It makes sense to put more rigor and thought behind what you're doing.
Preparing in advance for what you will do and when, and having a clear internal policy for your team (if you have one) will help you eliminate unnecessary discounting. It can also help you improve the effectiveness of the discounts you do offer.
In this episode:
We take a look at 6 questions you should be asking yourself before you decide to grant that discount or even before you decide to lower the price. These questions will help you be more clear about why your offering them and help you be more clear about the business purpose behind the decision.
Highlights:
- 0:00 Introduction
- 02:45 Business Purpose of Discount
- 07:02 Impact needed for Success
- 08:01 Impact on Perception
- 09:04 Who am I really targeting
- 10:18 How can I monitor how this is going
- 12:19 Do I still want to offer a discount
- 14:07 Wrap Up
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