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Give a bonus, not a discount

This is one of those simple conceptual components to integrate into your thought process. You don’t discount your pricing. If anything, you raise your pricing to give you more room to play.

Instead, offer bonuses (these can be essentially cost-free items that lead to future sales) such as reports, bundled items, a useable gift for your market (we used financial calculators), zero-based bonds, grants, scholarships, trade-in values, buy-one-get one (or another item) free (or for a penny or half price), complimentary shipping, last year’s pricing, rebates, credit from previous purchases, honor competitors coupons… anything but a “discount.” The only place straight discounting should be used is in retail.

You may object, “But those are all discounts!” And you’d be right. What you call it and how it’s presented are the keys that make it a discount, or a bonus.

Bundles

Another method of creating a sense of urgency is to bundle your products or services. Bundling adds value and increases higher sales. I had a client with a $750 course package. It was packed with good, solid information! I told her she was underpriced, and suggested she break it up into three courses. Once done, she sold each for $500, but all three could be had for $1200. Guess which one almost every customer gravitated to? The higher priced bundle. Nobody wanted just part of the program… they wanted it all! What’s amazing is a corollary to this, that the volume of sales actually increased. This is usually the case, because the customer has a mental measuring stick for value, and if you price your product too low, you not only get less per sale, but often fewer sales than you would if your pricing were higher!

Carpe Diem!

Emerson Brantley

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