Focus on providing 10X value not offering a 10% discount.

Focus on providing 10X the value to grow your business. Not offering a 10% discount to attract more custom. 

Too often discounts are used in an attempt to grow a business. This does not matter what sort of industry you are in. It is prevalent across the board.  But we need to innovate for growth and price for profit.

There are a number of reasons why we should not be using discounts.

Maybe if the discount is huge it might work but the reality is that discounts just don’t work. This is particularly the case in creative or freelance & professional businesses. When somebody is considering purchasing your services the possibility of a 10% discount is just not going to cut it. 

They will concerned about the quality, the risk they are taking, the certainty that you will solve the problem they have. The presences of a 10% discount is going to be rarely the thing that makes them commit.

By providing any sort of discount you have automatically sent a signal to the market place. Many retailers are living to regret training their customers to buy when they have sales on. For those of you selling your expertise or ideas (and for those of you who have a product) be careful about the signal being sent to your market.  The signal is not about value but rather about price. 

The focus needs to be how we can add 10X the value. 

If we are constantly looking at the value being provided and determining how we can deliver more value then we are removing the need to discount and we are reinforcing the price you have now. 

It is easy to offer a 10% discount. It is harder work to add 10X value. 

To add value we must continually understand what is going on in the world of our customer. 

To add value we must continually be looking at our product or service to see how we can deliver a more effective solution. 

Focus on providing 10X value not offering a 10% discount.