Ideas for Adding Value Not Giving Discounts

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It’s a strange phenomena that people seem to value a small gift over a discount. It’s true. If you offer customers a 10% discount they will, of course, take it. But they don’t really value it. And that 10% discount hits YOUR pocket and profitability considerably harder than theirs. So you might need some ideas for adding value not giving discounts.

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Offer customers a ‘gift’ or a value-added service, and they LOVE it… they even tell their friends about it. Many businesses aren’t confident about how to add value but it’s a good idea to think about ideas for adding value not giving discounts. Ultimately it’s YOUR bottom line.

How to add value in fashion and design

If you have a retail store that sells fashion, for example, your customers will be more delighted with a ‘gift with purchase’ than a small discount. If you bought inexpensive, but on-trend, bracelets that cost you $10 each the perceived value to the customer would be greater than a 10% discount. That’s more money in YOUR pocket and a happy customer who will tell more people about their ‘gift’ than they would tell about a mere discount.

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How to add value in home services

If you have a lawn mowing or home cleaning business then you may have had clients ask for a discount. That hits YOUR pocket. Instead, offer an added service that will be of value to them but won’t cost you much.

For example, if you mow the lawns offer to also trim a hedge or do some pruning instead of giving a discount. When cleaning, offer to also vacuum the drapes or clean Venetian blinds instead of giving a discount.

I used to have a home cleaning service that left a ‘death by chocolate’ large truffle on the dining room table with their invoice. I used to look forward to that delicious sweet treat almost as much as coming home to a clean house.

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Image courtesy of Urban Kitchens

How to add value to professional services

Some professional services will provide a discount if accounts are paid on time. As a small business owner you should expect accounts to be paid on time and negotiate terms accordingly. However, if you’d like to make a client feel valued or special take them out for lunch, send them movie tickets, host a lunch at your office and invite a couple of other clients – whatever is commensurate with the business they provide to you.

Not only will this likely be cheaper than providing a discount, but it’s an opportunity to get to know your client better, and possibly pick up some more business.

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Think about ideas for adding value not giving discounts that relate to your business. Can you team up and cross-promote with another business? What are legitimate ways you can add value without it costing you a lot of money or time? What services do your customers truly value? Can you bulk but small gifts, such as chocolate or jewellery, at a much lesser cost than a discount?

PS: of course this doesn’t apply to retail stores giving discounts to get rid of stock and increase cashflow in line with strategic planning. But can you take this tip and personalize it for your business?

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Can you add ideas that will help other readers? I’d love to hear what you think or what you have tried so please leave a message.

I’d love you to join me on Twitter @insanelyclever and Facebook /InsanelyCleverMarketing for more great tips and marketing advice for your business

Comments
3 Responses to “Ideas for Adding Value Not Giving Discounts”
  1. Mel says:

    Great article and very valuable tips. Thanks for sharing Penelope.

    Liked by 1 person

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