Don't Discount In An Economic Downturn | Panic To Profit

Most small businesses are using discounts completely wrong. They see big businesses doing it and they don't realize that there's actually a very specific strategy behind it. So, if you are a service provider or a product provider, I don't care which one, I understand that you want to do discounts to try to hit a sales quota that month, but what you don't understand is that by doing so, A, you are training your clients and customers to wait, to wait you out and wait for the next sale, and B, you might be hitting this month's quota, but you're taking from future profits. You're only hurting your future self. Now, I've been a business owner for almost 25 years and I was talking to a client recently about this. They owned a CrossFit gym and the two of them came to me talking about people are canceling their memberships. The economy is so bad. I think we should discount our prices so that people will stay in, but what this would do is hurt them when the economy picks back up because it always picks back up, you guys. It's always a temporary thing. So, you don't want to make a decision now that's going to hurt you in the future. So, what we ended up doing is giving a discount to customers in a different way. So, instead of the unlimited monthly membership, what they put together was a 10-class pack. Now, the per-class price was actually higher, but because now the monthly cost was lower, it kept those customers in, kept them coming back and happy, and didn't hurt their future finances. Now, I'm going to go deeper into this and several more strategies on how small businesses can get through a bad economy. I'm doing this in a live class that I have coming up. So, check the description below, check my bio, and make sure you sign up for that class. It is live, it is interactive, and we are going to get into some deep stuff like this so that you can get through this economy, too, and your future self is not mad at you for it. — [snorts]