As a coach, do find yourself offering your client a discount to influence them into investing in your program or package? Or do you cave in and offer a discount when your prospect asks for one?
If you’ve answered yes to either one of those situations you’re certainly not alone. I admit this is something that I’ve done in the past, too. However, over the years I’ve realized this is not the best approach to making a sale, while remaining true to my personal values and business growth goals.
Here are 3 reasons why you shouldn’t resort to discounting your services and the 3 strategies you should implement so that clients step up gracefully and confidently when investing in your services, packages and programs.
1. Discounting devalues your services
Unfortunately, whatever way you look at it, discounting your services does little other than to lessen the significance and worth of your program, as well as the benefits, outcomes, and overall value your clients will receive through investing in you.
Unlike a product-based business that can mass produce their wares and offer discounts on bulk purchases, a service-based business owner cannot and should not offer bulk purchase discounts on their time. Your time is one of your most valuable assets; so, don’t devalue this priceless commodity by discounting it.
Remember, your client does not pay you for the hours you spend with them, but for your knowledge and expertise, AND for the results and outcomes they will receive through working with you.
2. Discounting can impact negatively your self-belief
I don’t know about you – but in the past whenever I’ve reduced the prices on my services as the only way to have a client say ‘yes’ to my offer, that little voice inside my head said ‘See, the only way a client is going to invest in you is when you lower your prices,’ which is a self-belief I did NOT want to encourage.
Thank goodness I know now that my clients are investing in me because of my wealth of knowledge, my expertise, and the results and outcomes they’ll generate through working with me.
By discounting your services as a last (or only) resort will not only continue to impact negatively on your self-belief and self-worth but will also prevent you from building a thriving successful business.
3. Can establish a negative precedent
Offering discounts as a way to get clients into your programs can establish a disempowering precedent or business standard that will only serve to block you from achieving your income goals, because of the negative impact it can have on your self-worth and subsequently your income.
Do you want to continue to attract clients that will only work with you if you offer them a discount? Do you want to continue having to justify your value and worth to every client who asks you to reduce your prices?
Having these continued conversations because you have established this precedent will only serve to undermine you and your business’s growth.
Instead, here’s what you should do:
1. Create packages and/or programs
A strong business model that will allow you to increase your income without having to increase the amount of time you spend with clients is to offer packages and programs that include other elements other than just your hourly services.
Offering value-added packages that will provide solutions and support for your clients will be far more exciting and empowering for them. It also continues to add value and credibility to the work you are doing with your clients.
For instance, I have my 90-Day Core Business Foundations and my 90-Day ‘Idea to Launch’ Your Podcast Programs. Each of these programs allows clients to get access to me on a weekly basis through our Live Q&A Calls. However, I also have both of these programs in my membership program – The Influence Alliance. The difference is with my membership is, there is only one live Q&A call with me live during each month. So, if a client prefers to have more access to me – then the 90-Day programs are the best option. If they’re happy to have access to all of the training modules, but less access to me, then The Influence Alliance is the best.
And, of course I have my limited VIP programs where clients and I work on closely together on their business, however that’s by invitation only and we have to be a great fit for my private programs.
So what could you add to your packages that will create value for your clients?
2. Add bonuses to make the offer irresistible
Bonuses and offering that extra special ‘gift’ to your clients for investing in you can make your program or package irresistible.
One of my colleagues was offering a program that was focused on time management for stressed business owners who were struggling to keep up with their hectic schedules.
One of the bonuses she included was a half-hour free massage from her colleague who was a massage therapist. The massage therapist was highly skilled in what she did and was also very good at sales and marketing so each person who had the free massage felt so wonderful that they signed up for additional massage sessions. A win-win-win situation.
My colleague was able to add a bonus to her package which she knew her clients would love and that fit perfectly with her topic; her clients would benefit greatly from having the massage; and the massage therapist had an opportunity to provide a hands-on experience of her service while on-selling that client into one of her massage packages.
So, what bonuses can you add to your packages to make them irresistible to clients?
3. Offer ‘quick decision’ offers
I’m a firm believer in focusing on the outcome you desire and creating a positive and empowering environment and mindset.
So, rather than offering a discount (which lessens the value of your services), you can change the entire focus and energy by offering a ‘quick action’ saving when your client makes a quick decision and takes decisive action by booking into and paying for your program within a certain timeframe.
Doing this will reward your client’s ‘positive behavior’ in taking decisive action and investing in themselves and the outcomes they want to generate. You are rewarding this quick action – and not rewarding their ability to get you to lower your fee. See the difference?
So how can you integrate this strategy into your marketing and launch calendar?
Remember, if your goal is to attract high-quality clients then don’t resort to offering discounts but rather offer special packages/program offerings; make your offer irresistible through bonuses; or offer ‘quick decision’ pricing to reward them for stepping up and investing in themselves.
I love them all and will continue to integrate all three when marketing my programs? What will you do?