Should you discount your products or services in the wedding industry? This is an age old debate and whilst we don’t agree with discounting as a way to run your business there is definitely a time and a place to try this strategy. Last night on #WedBizHour this was the topic up for discussion and as usual it was a lively debate with some great advice and opinions.
As always for those of you who were unable to join in the chat last night we have a transcript covering all the tweets that went out that can be downloaded here. We have also listed below some of our top tips for when and how to use discounting with your clients:
- The biggest piece of advice we can give you about using discounts is do it with care.
- Discounting is an effective marketing tool when used as part of a well thought out plan.
- The best time to use discounts is sparingly to help see you through your quiet periods.
- As a new business then you can legitimately use discounts to raise awareness but have a timescale.
- If you carry stock & you need to shift old stock to make room for new then that is a good time to discount.
- Another reason for discounting is point-of-sale. If your client is about to sign/buy this can often push them over the line.
- If you are trying to break into a new part of the market then a discount can often help you short term to get known.
- Try planning your discounts around public holidays & events such as Valentines Day, Black Friday etc. but plan in advance.
- An alternative to discounting is value adding. As a florist offer a free bouquet if the client is spending over a certain amount.
- Have you ever bought 2 pairs of shoes because of a deal? Buy 2 get 1 pair free? Why not apply the same principle to your biz?
Essentially you need to have a good reason for discounting and use it sparingly as part of a well targeted marketing plan. Over discounting will lead your potential clients to question your normal pricing and that will devalue your product long term.
Next week on #WedBizHour we are talking about conducting your first client consultation so don’t forget to join us between 8-9pm GMT next Tuesday.