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What role should discounts play in your marketing efforts?
Posted: Sep 01, 2011
Author: WordJack Media
Knowing when and when not to offer discounts will help with marketing efforts for your business. Discounts are something that all business owners should have a balanced relationship with. Although they are an effective way to generate sales, they can also be destructive. Many businesses offer discounts too flippantly because they enjoy the positive results. Unfortunately, there can be negative effects. Let’s first look at three positive reasons for offering discounts:
- Accounts receivable can be kept current by offering prepaid discounts.
- Bundled discount deals can boost the size of your transactions.
- Businesses that experience seasonal slumps can use this as a good reason for offering discounts without creating any negative impact.
If you have a good reason for offering discounts, you won’t damage your relationship with valued customers, affect your reputation, or harm the integrity of your pricing. In fact, you are actually creating the type of behavior that you want from clients (e.g. buying in larger quantities, during off-season, and buying now – not later).
From a negative perspective, it is ironical that discounts can cause disgruntlement among clients. It can lead them to wonder WHY your price is discounted. They know what they have been paying, see the discount, and then get suspicious. They also wonder why they didn’t get the cheaper price before, and feel cheated.
For this reason, it is essential to always have a valid reason for offering discounts. You cannot have flexible terms or predictable sales unless you are planning to compete on price continuously.
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