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Instead of cutting prices to close a deal, which devalues your brand and trains customers to wait for sales, maintain your price integrity. Create a "bonus bank" of valuable add-ons (extra support, exclusive access) to offer as incentives, making the customer feel they're getting a great deal without compromising your product's perceived worth.
Offering discounts, especially at quarter-end, trains buyers to delay purchasing in anticipation of better terms. Instead, frame discounts as a reward for committing to a specific timeline, which provides your business with valuable forecasting accuracy and gives the customer skin in the game.
Instead of offering direct discounts, which can devalue products, consider a double or triple loyalty point event. This strategy incentivizes customers to spend more to earn future rewards, effectively driving sales while encouraging repeat visits and fostering long-term loyalty. It costs little while giving customers a strong incentive.
Norwegian Wool avoids inflating prices just to offer discounts later. By maintaining price integrity, they build trust with customers who know they're paying the "real price." This prevents buyer's remorse and reinforces the brand's premium, high-value positioning.
Constantly discounting your main product trains customers to wait for sales and devalues your brand. Instead, splinter off a small component of your core offer and discount that piece heavily. This acquires customers and builds trust without cannibalizing the perceived value of your full-priced core offer.
For high-end brands hesitant to offer discounts, Apple's model is ideal. They sell products at full price but include a substantial gift card for future purchases. This drives sales and encourages repeat business without ever putting the core product "on sale," thus preserving brand prestige.
When stacking value in an offer, don't just add random bonuses. Strategically design each bonus to address a specific, predictable customer objection, such as 'I don't have time' or 'This seems too complex.' This transforms value-stacking from a generic tactic into a precise conversion tool.
Offering a discount when a user declines a paywall signals desperation and undermines your product's perceived value. A better strategy is to offer a sponsored trial or a third-party gift. This reframes the interaction from a desperate sale to a confident, generous offer.
When pressured to hit quarterly targets with promotions, use a simple filter: 'Does this action increase the long-term desirability of my full-price product?' This framework helps balance immediate revenue needs with the crucial goal of protecting and building brand equity, preventing a downward spiral of discounting.
Instead of offering generic bonuses, design them specifically to address the primary reason a customer might hesitate. For instance, if they're worried about implementation time, offer a bonus of free, hands-on team training to eliminate that specific objection and close the deal.
Offering an unprompted discount is described as the "most pathetic thing in sales." It immediately transforms you from a trusted advisor into a transactional salesperson, erodes all built-up trust, and signals that your initial price was inflated.