I don't think you want to do a lot of discounting, because it sets up the wrong kind of customer/relationship for the future. You may get a client who is either hiring you only for the special or won't be willing to pay regular prices.
In my view, it's much better to gain customers on quality: something like hiring you because you have a special niche or because of your qualifications. That sets up a relationship based on the right thing--quality, not price!
I would recommend never recommend coining your business as a bargain brand. It creates a ton of problems down the line. If you want to be a good word of mouth business, go above and beyond for the client and treat them as you would be treated. They will tell everyone how great you are!
The type of marketing you do depends on the client you are trying to get. If you want someone that wants a bargain... they are always going to want the world for nothing. It's better to wait and charge a fair price to a clinet that appreciates the work. If your discount client doesn't think they got what the paid for they will go bonkers. Always remember, if you do a great job for 10 clients 1 of them will tell a friend or colleague. If your client thinks you did a bad job/they are not satisfied, they will tell 10 people. We call this the 10 & 1 rule. Hope this helps.....
Depending on your business, giving discounts to lure potential customers is not the way to go. If you are a bakery and have a buy one get one to get customers to try your product and get hooked on your goods would work. With most other type of businesses the discount scenario would not work. Your customers would then always expect the lower price because they know you can go that low.
Word of mouth is the better scenario. If you are providing quality service, excellent turnaround time, etc. then your current customers will tell others about your business. That is the best marketing scenario.
How long have you been marketing and marketing consistently? If it's under 90 days then you're pulling the plug too soon. If it's not consistent then you're pulling the plug too soon. I don't think giving up marketing for discounts is a good idea. It sends a bad message when you're continually giving out discounts.
I don't have to do either - if your customers know and trust you they feel from the beginning they are usually getting the best deal you offered - with new customers they know price points in the market place , when you offer them something most of them will check what goods are selling for therefore they know from the very beginning what they should be paying.
We have found for our industry word of mouth is the best over any form of advertising. We have tried just about everything in the 45 yrs we have been in business including billboards, tv, radio, newspapers, coupons, etc. Billboards were OK but it was next to impossible to know whether they did any good or not. Since we are more of a destination business advertising never brings in much that we know of anyhow. We are trying to focus more with online, social media, etc. to get more word out and to show off our products as an image is worth a thousand words in our industry (or industries).
I have always found that the best advertising is word of mouth. Keeping that in mind, I always seek to offer clients what is truly best for them. I have found this develops trusted relationships, repeat business and good referrals. I have never offered a discount but use targeted advertising only when and where it makes sense to me.
Discounting is the wrong approach as it convinces clients that you have a large flexible profit margin when in fact you are just earning a fair rate of return on your overhead. We try to sell "high return on investment" rather than simply being the low-cost provider. Clients who seek low cost are NEVER happy as they always believe they could have gotten the project less expensive somewhere else and are angry when the project goes off the rails because proper time and attention was not paid as they know that will cost them even more money to correct.
I do neither - discounts or paying for marketing. If you start by giving discounts, that is he type of client that you will attract in the future. My hard word and research deserves more than the discount seekers. As I have never tried social media for marketing, I cannot comment on how well it works. But for me, referrals and repeat and repeat clientele has always been the way I work and increase my business. This has worked for me and I see no reason to change the way I do business now.
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Answers (1-10)
I don't think you want to do a lot of discounting, because it sets up the wrong kind of customer/relationship for the future. You may get a client who is either hiring you only for the special or won't be willing to pay regular prices.
In my view, it's much better to gain customers on quality: something like hiring you because you have a special niche or because of your qualifications. That sets up a relationship based on the right thing--quality, not price!
I would recommend never recommend coining your business as a bargain brand. It creates a ton of problems down the line. If you want to be a good word of mouth business, go above and beyond for the client and treat them as you would be treated. They will tell everyone how great you are!
The type of marketing you do depends on the client you are trying to get. If you want someone that wants a bargain... they are always going to want the world for nothing. It's better to wait and charge a fair price to a clinet that appreciates the work. If your discount client doesn't think they got what the paid for they will go bonkers. Always remember, if you do a great job for 10 clients 1 of them will tell a friend or colleague. If your client thinks you did a bad job/they are not satisfied, they will tell 10 people. We call this the 10 & 1 rule. Hope this helps.....
Depending on your business, giving discounts to lure potential customers is not the way to go. If you are a bakery and have a buy one get one to get customers to try your product and get hooked on your goods would work. With most other type of businesses the discount scenario would not work. Your customers would then always expect the lower price because they know you can go that low.
Word of mouth is the better scenario. If you are providing quality service, excellent turnaround time, etc. then your current customers will tell others about your business. That is the best marketing scenario.
How long have you been marketing and marketing consistently? If it's under 90 days then you're pulling the plug too soon. If it's not consistent then you're pulling the plug too soon. I don't think giving up marketing for discounts is a good idea. It sends a bad message when you're continually giving out discounts.
I don't have to do either - if your customers know and trust you they feel from the beginning they are usually getting the best deal you offered - with new customers they know price points in the market place , when you offer them something most of them will check what goods are selling for therefore they know from the very beginning what they should be paying.
We have found for our industry word of mouth is the best over any form of advertising. We have tried just about everything in the 45 yrs we have been in business including billboards, tv, radio, newspapers, coupons, etc. Billboards were OK but it was next to impossible to know whether they did any good or not. Since we are more of a destination business advertising never brings in much that we know of anyhow. We are trying to focus more with online, social media, etc. to get more word out and to show off our products as an image is worth a thousand words in our industry (or industries).
You have to do both, really. Our marketing consists of our outside sales force, our
inside sales force, our online sales force, as well as our use of flyers for all of the sales
forces. The fliers are specific, & change monthly, & have special pricing. Our account
holders also receive special pricing - sometimes on top of the flyer prices. We have
tried radio advertising, & couldn't see any significant increases in our sales. For our
business, word of mouth works better by far.
I have always found that the best advertising is word of mouth. Keeping that in mind, I always seek to offer clients what is truly best for them. I have found this develops trusted relationships, repeat business and good referrals. I have never offered a discount but use targeted advertising only when and where it makes sense to me.
Discounting is the wrong approach as it convinces clients that you have a large flexible profit margin when in fact you are just earning a fair rate of return on your overhead. We try to sell "high return on investment" rather than simply being the low-cost provider. Clients who seek low cost are NEVER happy as they always believe they could have gotten the project less expensive somewhere else and are angry when the project goes off the rails because proper time and attention was not paid as they know that will cost them even more money to correct.
I do neither - discounts or paying for marketing. If you start by giving discounts, that is he type of client that you will attract in the future. My hard word and research deserves more than the discount seekers. As I have never tried social media for marketing, I cannot comment on how well it works. But for me, referrals and repeat and repeat clientele has always been the way I work and increase my business. This has worked for me and I see no reason to change the way I do business now.