Updated: Nov 10, 2021
A lot of small-business owners can be faced with the dilemma of having to reduce their pricing to keep a customer from going someplace else and this shouldn’t be so. As a new business there is a high probability that you aren’t charging what the big dogs are charging just yet, which is understandable, in the sense that you are trying to build a customer base and gain unwavering loyalty to your brand.
But with all this going on, the business challenge you shouldn’t be having is that you can’t seem to make serious profit to help your business stay afloat because you are constantly giving out discounts and freebies. No way.
So, whether you run a product-based or service-based business, these 5 tips will teach you smart ways to say NO to a discount proposal and still keep a customer.
1. Present yourself as your niche consultant or advisor:
Ask questions that correlate with the product they want to buy and give authentic advice on the best option to take for their need.
For example, if a customer comes in to buy curtains, ask exactly where the curtains will go and give authentic advice on the best colours that will fit their décor or the best textures or fabric that will work best for whatever season you are in at that time.
2. Present benefits not features:
These are two totally different things. Features are characteristics of a product or service and benefits are what they stand to gain from that product or service.
Don't say: These curtains are brightly coloured in shades of blush pink and Mauve.
Say: The rich colors of this curtains will brighten up your baby’s nursery and create a nurturing environment for her to grow.
3 . Instead of using vague big words, use simple words that induce emotions.
Don't say: This dappled fabric comes with an electric presence that commands attention when you enter a room.
Say: Studies have shown that warm colours often evoke feelings of happiness, optimism and energy
4. Pitch what makes your product or service unique or what makes it stand out from the generic market.
So, you could say: "Our customers report that these linen-cotton draperies are very easy to wash and offers full privacy and light control for their toddlers."
5. Leverage FOMO:
FOMO marketing is anything which makes your audience feel like they’re missing out. Since this is a fear, we all hold, it makes potential customers more likely to take action.
So, you could say:
"These particular curtains are selling out really fast because of their durability. We have just about seven pieces left, so I would advise you to get yours, so that you don’t miss out"
I hope these tips have been helpful, Until next week, Bye.