Do you have a hard time choosing between slashing prices or adding value?
We’ve all been there!
The first thing you need to know about this is that the choice is yours!
It’s a simple concept!
Back in 2001, the .com bubble happened.
Then in 2008-2009, the real estate bubble happened.
And there are plenty of other significant events we could talk about.
These have all been turning points that made people think the “rules have changed”.
Today we have the pandemic.
So, have the rules changed because of COVID-19?
No! The rules are the same!
What I’m trying to say here is that…
People will still spend money, and people are going to hang on to their money.
But there is one little secret to help you in dire times.
To get people to spend money, you can either slash prices or add value.
Most people opt for slashing prices with “sales” and other gimmicks.
For example, you can look at Amazon.
That’s their thing! Their marketing comes down to selling on price and convenience.
Every Amazon page has some kind of discount. It’s all about price.
They go like: Hey! If you buy these two things, you can save even more.
But that only works if you can survive on razor-thin margins.
In my experience, this only works for billion-dollar corporations.
It won’t work for most entrepreneurs like us.
Your business model cannot depend on price.
You must add value.
My no.1 advice on this is…
Add so much value that people feel compelled to pay you.
That’s the secret you should focus on.
Competing on price won’t help you.
Remember: you WIN by providing the most value to the people you’re trying to serve.
That’s the only way you’re going to make it!
Adding value is what helps businesses survive in dire times.
You can survive, too, if you focus on creating massive value for your audience.
This will create a solid foundation for when you get back on firmer territory.
And the results will be more than impressive!
The Takeaway
So, if you’re having a hard time deciding on how big of a discount to give to generate sales, stop right there. You’re already on the wrong track.
Here’s my advice:
- Be smart
- Add massive value
- Serve people
- Avoid debt
Balance is your key to success!
If you need EXTRA help creating a powerful marketing strategy, check out my Sales Copywriting and Content Marketing Hacks Facebook group. I share a LOT of personal stories there to help you better understand the ups and downs of marketing!
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