Discounts Call Into Question The Value Of Your Product
Businesses in a variety of industries have been applying discounts to many products and services during the COVID-19 pandemic. Offering a discount might sometimes make selling easier, but it isn't the best option in some cases.
When a business offers a discount on a product or services that's telling the customer that the business lacks confidence in the value their service or product provides, according the Partners In Excellence Blog, which Dave Brock uses to sound off on topics pertaining to business, sales, marketing and leadership.
The blog suggests that businesses who feel compelled to offer a lot of discounts ask themselves if:
- Their solutions provide real value for the customer.
- They themselves even understand the value of the product or service. If so, do they believe in that value?
- They know how to articulate the value of the product or service to the customer.
- The value can be defended against what the competition is offering.
Brock's blog also said that, in most instances, cost of a product or service is the smallest factor in a customer's reasoning for buying. However, he believes that cost is still what salespersons focus on.
To check out the rest of Brock's blog, click here.
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