Episode 2: Discounts Can Kill Your Business

I am joined by my husband Joe to discuss why discounts can be dangerous and damage your business.

Instead of offering discounts, consider giving special offers and adding value to your product or service. Also, start thinking about how you can up your prices.    

On this podcast for small business owners and other creative professionals, I share valuable insights on becoming a successful copywriter and business owner.

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Key Points

  • [1:20] Vicky shares some uncomfortable truths
  • [2:20] Couple of things about price
  • [3:32] People rarely buy on price
  • [7:00] Price cuts are always a self-inflicted wound
  • [8:30] Discounting is not always wrong
  • [9:18] Most small businesses cannot afford to join discount wars
  • [9:40] There are situations where you can give special offers
  • [10:56] There are other ways to give discounts by giving special offers
  • [13:57] Key point: remember what problem you’re solving with your product or service
  • [14:24] Another good reason not to discount
  • [17:42] Bottom line: Don’t discount!
  • [18:10] If customers are questioning price, it means you haven’t shown them value yet!
  • [19:22] There are techniques you can use to show value
  • [91:47] Vicky’s Takeaways: Don’t discount if people ask you to – come up with another way People don’t buy on price unless you give them nothing else to go on Start thinking about how you can charge more
  • [21:00] Coming up next week: Niches!

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Want to read the transcript? You can find it here.

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