Fun Business Fun Money Podcast
EP 089 – Should you offer a discount?
Its that crazy time of year when EVERYONE is discounting their offers.
Should you do the same? Will you?
There’s a whole other level of money mindset to work on just on this one thing!
In this coaching episode we’re talking all things discounts, buyer behaviour and some alternatives to slashing your prices during the holiday season.
KEY MENTIONS
Episode 29, 8 money habits you need to know about your ideal clients
Contact Deirdre via email, Facebook, Instagram or LinkedIn
TRANSCRIPT
Hey there, and welcome back to the Fun Business Fun Money podcast! I’m your host, Deirdre Amies.
If you’re listening in real time its Tuesday 31st October 2023 – happy Halloween! 🎃 Here we are about to roll in November and the final 2 months of the year.
This is the time of year when things can get a bit crazy, dontcha think?
Holiday season and buyer behaviour
Being from New Zealand and now living in Australia we don’t actually to call it the ‘holiday season’, mainly because what we call a holiday is what Americans call a vacation.
And what you call a holiday is just a day off, its a public holiday… I don’t know, its all a bit weird! For us, a holiday is time off, travel, relax and rejuvenate yourself kinda thing.
So when I hear ‘holiday season’ I instantly think of shopping.
Black Friday, Cyber Monday shopping frenzies, Christmas hype and all that mayhem focused around what is essentially a couple of dates on the calendar. LITERALLY MONTHS of focus goes into these couple of dates!
I’ve talked about this before on the podcast, episode 29 is called “8 money habits you need to know about your ideal clients”, aka their buyer behaviour.
How people make their buying decisions should ALWAYS be a consideration in how you do business, so definitely check that one out after you’ve listened to this. You’ll find it linked in the description and in the show notes.
Should I offer a discount?
The big feature of Black Friday, Cyber Monday and the related holiday season of ‘selling’ is discounts. Which is why we’re talking about the big question, “Should I offer a discount?”
The simple answer is no. No discounts. That its, end of the episode, thanks for listening.
😂😂
I know, its not that simple – even though it also IS that simple!
‘Should’ has no place in this discussion. Just because someone else does, doesn’t mean you have to follow suit.
If thats the ‘permission’ you needed to not offer a discount, you’ve got it!
You don’t have to offer a discount.
If your pricing is set appropriately, there will be NO NEED for you to discount anything for anyone, especially at a particular time of year.
You can CHOOSE to offer a discount, but there’s no ‘should’ about it.
What can you do instead of offering discounts then?
What I recommend is adding something of exceptional value to your offer for a limited time.
Here’s some examples that may work for you depending on your business model and your offers. It’ll be different for everybody.
EXTRA SESSIONS
It could be an extra session with you. One, two, whatever feels right for you.
If you’re primarily working 1-1 with your clients, an extra session could be the motivator that people need to sign up.
I’m going to add a caveat on this one though – be mindful of not overdelivering on your time and energy.
You started your business to make money AND have more freedom, you don’t want to get bogged down with a commitment that ties you to your screen for a whole bunch of technically unpaid hours. So keep that one in mind.
EXTRA BONUSES
It could be an online course on a related topic that you would usually sell separately.
You can bundle it up with your regular offer for a limited time. I’ve seen this done VERY successfully at all different prices, from low cost to high ticket or premium pricing. Go with whatever you’ve got!
The same caveat applies on this one though – make sure this extra bonus isn’t going to suck the life out of YOU.
You don’t want extra stress having to create something on the fly.
Especially if it involves recording videos and setting up a whole course from scratch.
You could presell something and then go make it once you’ve actually sold the offer.
It could be checklists, a recording of a workshop you’ve done in the past, or you’re going to do, a template pack, so many things!
EXTENDED PAYMENT PLAN
It could be an extended payment plan.
If your course or program runs for, lets say, 3 months, you can spread a payment plan over 6 months or even 12 months. I’ve taken courses that went for 6 weeks and had a 12 month plan available.
This makes it way more accessible to people who may not have the money upfront, or even the regular amount you charge on a payment plan.
Your offer could be exactly the thing they need to make progress in their life and business so THEY can make more money.
Imagine the rave reviews from client testimonials you’ll get from that!
EXTRA TIME OR ACCESS
It could be extra time or access in your group program or membership, which is a great one if you’re already going to be there delivering content and value anyway. You’re running these sessions but you’re just providing extra time.
An example of this is where I’ve been in group programs that were 3 months in duration. The person running it decided to add an extra month’s access, which was great.
It felt like there was less pressure to get everything done in that 3 month time frame, and she was delivering that content to the new incoming members anyway.
All of these are great value adds that you can use, which don’t cut into the money you receive for your work.
Something I want you to be mindful of whether you’re offering discounts or any of these alternatives I’ve just shared, is WHO you are targeting with your offers.
There are ALWAYS going to be people who will outright ask for a discount no matter what.
Don’t be offended by this behaviour, as you’ll hear in episode 29, thats their money personality, or their money archetypes shining through.
Some of them can turn out to be absolute nightmare clients because they’re shopping based on price.
They can smash right through boundaries and demand far more than the terms of your offer, even though they’re clearly stated.
Its important to make sure they’re a good fit for you and your expertise – especially where it involves personal interaction with them.
And on the flip side, some of them will turn out to be the most incredible clients you’ve ever worked with. They simply needed an opportunity to work with you at a price they can afford.
Whats important here is how YOU want to handle discounts.
Want to offer a discount? Cool! Do that.
Make sure whatever price you ARE being paid for your offer is still worth your time, energy and expertise. Don’t undervalue yourself.
You have to be happy with the money you receive. Otherwise it can feel all kinds of icky every time that payment hits your account because you KNOW its far less than the value that person is actually getting.
Don’t want to offer a discount? Cool!
You’re going to need to know what to say about your stance on this. Don’t overcomplicate it, you don’t need a list of ‘reasons’ to justify your choice.
You can simply say “I don’t offer a discount, but if you purchase this package by X date, you’re actually getting an extra 4 weeks access which is valued at X.”
Or you can say “I don’t offer a discount on this, but if you buy this bundle you’re actually saving X overall.”
However you want to phrase it, make sure its something that feels natural for you. Make it super clear what your boundaries around discounts are.
That still won’t stop some people from getting offended that you’re not offering a discount. And some people still won’t buy from you purely BECAUSE you’re not offering a discount. Cool! Thats on them, not you.
Discounts and pricing have a HUGE money mindset element to them.
Its so much more than just whacking a price on something and throwing it out there for people to buy. I know, sounds easy, right?
FUN FACT: I personally have an aversion to selling things that end in a 7 or a 9, even though I know theres some psychology behind the appeal of those numbers.
Same goes for spiritually guided pricing, where you might charge $111, or $3333 for something.
I like to keep things simple and my brain has always rounded those numbers up to the nearest number ending in zero anyway! If you’ve looked at MY prices on my website, thats why they all end in zero (in Australian dollars)
Money mindset work is about respecting money, valuing yourself, your time, energy and expertise. The whole package!
Its one of the core things we do a lot of work on in IGNITE, my business and money coaching program.
If you’ve been thinking about IGNITE for a while and maybe waiting for a Black Friday / Cyber Monday discount, you’ve probably worked out through this episode that that will NOT be happening! 😂
However you CAN ask me for a payment plan to suit your budget.
Send me a DM and lets have a chat about what you need.
If you’re on LinkedIn you can send me a DM there, just search for Deirdre Amies. Lets get connected!
If you prefer email, hello@deirdreamies.com is where you’ll get me.
And if you’re on my weekly FUNday email list, you can hit reply to ANY of those and you’ll also get me.
I’d also love to hear your discounting stories! Do you offer them? Do you ask for them?
Send me a DM and tell me your fairytales and your horror stories! 😱
Thats what I’ve got for you today. Should you offer a discount? No. But you absolutely CAN if it feels right for you and for your bank account.
Take care, have fun whatever you decide to do, and I’ll catch you in the next episode.
Want to make a BIG SHIFT in your business?
IGNITE private coaching could be the answer you’re looking for! Click here to check out the details, or send me a message for a quick chat about which option is the best one for you right now.
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