How to do Price Drops and Discounts
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We have all triggered the same way in a society based on money. Discounts and promos are a clear way to drive action.
Hi, it’s time to digitize, and now we are talking about discounting in the right way.
If you want to drive your sales up and give additional felt Value.
Having the right price drop strategy might help.
You for sure already got an email from an online store you just visited – or instead of email a pop-up – telling you that you get 20% off on your first purchase if you do X now.
Or you got the invite on that storefront to sign up with your email for a discount code!
Maybe you know Udemy?
An online learning platform, for basically anything.
They have all year long 50-90% discounts on anything that is hosted there.
Have you ever been to shopping malls?
You won’t find one day a year where there isn’t a special discount going on.
From hey it’s Monday discounts for our boss who bought a new perfume for his wife's discounts… not kidding you here…
I’ve seen it all.
Those strategies work.
So, copy what works!
Well, here we have a couple of different ways.
One of the most effective ways is time-sensitive price drops like Christmas or Halloween etc.
Please give them a couple of days to get 40% off on your prime offer online or something like that.
With that, you combine two powerful drivers that help people to take action faster.
Another great way is webinars.
You can use them to not only deliver Value upfront and show why your product would be a great fit.
You also can show off the real value of your product or service and then offer a discount to the first 20 who act immediately.
Or in general for everyone who gets to the offer through the webinar.
Then limiting the times, this webinar can be accessed once a year is a powerful way again to combine drivers.
"But how do I know that I give the right Price Drops and Discounts?"
That is an excellent question.
Now here you need to dig a bit deeper.
Ask yourself first, for what you deliver within your service, product, or offer, what would you pay for it?
Also, with yourself and the quality, you deliver.
If you are used to pricing things, you will get a high initial price that you can discount;
however, you see fit.
If you aren’t used to pricing things, first of all, double your initial number.
We tend to undervalue our competences.
Society and Corporate have taught us to underestimate ourselves for far too long.
Time to break that cycle.
Then take a good look at the number.
Are you feeling uncomfortable to put that price tag on your service or product?
No, then double it again…
As soon as you think it’s tough for you to share that with someone, you are in a better spot already.
Now, that is how you can get to the delivered Value.
But, we hardly ever price things that way.
It will help you to get to a value that you can utilize price drops and discounts without losing out on what worth you want to collect for your product results.
Let us take an example:
You have an online product – a course of some sort.
You deliver 4 hours of content and Value – 2 bonuses and one live group coaching call with you at the end of month one or something like that.
You would price it at 100,- € (see how that doesn’t match the Value?) double it… 200,- € sounds better, but still too easy.
Double it again – 400,- € aha, now we are getting somewhere.
Let’s take 400,- € as initial price – but wait, that is just the content your years of dedication, time to create it, delivery, etc.… isn’t in there.
So, the real value is much higher, isn't it?
Let’s say it has a value of 997,- € with all your work and time included.
Now, this is the price you use to drop on.
Take this number and drop the Value to your 400,- € as a first step.
And then apply discounts to that.
Like 40% for early bird deals or special occasions.
And you are good to go.
Let’s see you tomorrow, sunny regards
The World's First Digital Life Enhancement Expert
With more than 67'348 hours in personal development and masterminds both as participant and mentor, Stefan brings the best from the international business-world paired with the newest knowledge from the digital world to the table. A unique, yet very powerful combination. Stefan's Clients Learn how to powerfully, authentically digitize, while staying human and uniquely themselves! They get what's working and avoid overwhelm at the same time. Finally you can do what you love!