If you need to create a ‘bump’ in your bottom line for year end or liquidate limited, excess or outdated inventory, sales are a great way to do just that. It can also be an enticement to potential new customers to check out what you have to offer or introduce a new product or service.

While we know that sales can drive short-term business and possibly attract new clients, think carefully before offering a sales discount. Just because everyone else is doing it, should you?

REASONS NOT TO OFFER A DISCOUNT

– Discounts establish a lower perceived value for your product or service and set a precedent.
– Discounts can project a lack of confidence in what you offer.
– Discounts cut into your profits

(for the full post on reasons not to offer a discount, visit my post “Don’t Do It!“

WHAT TO DO INSTEAD

1. Increase value through added offerings 

– Product bundling: Group related products together at a set price, which is often lower than if purchased separately, increasing the average order value. 
– Complimentary gift with purchase: Offer a small, desirable item when customers meet a certain spending threshold or purchase a specific product. 
– Free shipping thresholds: Encourage customers to spend more by offering free shipping once they reach a minimum purchase amount.
– Cross-selling:  Suggest complementary items (cross-selling) to increase the total sale amount. 

2. Encourage loyalty and repeat business 

– Loyalty programs: Reward frequent customers with points, exclusive offers, or special perks. This incentivizes them to return and purchase at full price to earn rewards.
– Membership programs: Create a paid or sign-up-based membership that offers a variety of benefits, such as free shipping, early access, or a birthday discount.
– Personalized recommendations: Use customer data to show them products they are more likely to be interested in, making the shopping experience feel more relevant and valuable.
– Limited-time or exclusive offers: Create a sense of urgency by offering special promotions that are only available for a short period or to a specific segment of customers, like those who signed up for an email list. 

3. Highlight expertise and unique value 

– Position yourself as an expert: Create valuable, searchable content that showcases your knowledge. This attracts customers who are looking for solutions and makes them less likely to shop around for discounts.
– Offer unique experiences: Provide services like personal shopping, online consultations, or exclusive early access to new or limited-edition products to differentiate yourself from competitors who rely solely on price. 

Stand out from the crowd by delivering unique value with creative and innovative ideas such as loyalty programs, educational or expert tips, charitable contributions, or social events.

Now Go Get Connected!

An award-winning Leader, Entrepreneur and Business Development Consultant, Cathy teaches entrepreneurs how to increase their influence; build their business and stay sane while doing it. She helps you to let go of limiting beliefs to “Stand Up, Stand Out & Step Forward” for business success. Named one of the Top Ten Mentors by StartUp Canada, Cathy is recognized across the country for her expertise on “All Things Small Biz”. She is the Founder of the Connected Woman community, author of numerous books and articles, host of the podcast When Women Talk, and is a networking maven. (whew!)

For information on upcoming workshops, business coaching or to engage Cathy as a Keynote speaker at your next event, visit www.CathyKuzel.com

Copyright Cathy Kuzel

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