Quit Discounting and Start Packaging to Make More Money

We all know consumers are motivated by good offers and great deals. They want to feel like they are receiving a great value. Business owners are often inclined to discount their goods or services to appeal to their customers and prospects. Discounting by offering a dollar amount or a percentage off is certainly an easy and enticing way to stimulate sales and/or increase trial. But, there may better ways to accomplish the same tasks.

Instead of taking money off the sale it may behoove you to get a little creative and consider some unique deals for your customers.

Here are some ideas to get you going:
·Buy One Get One Free
·Gift with Purchase – try offering a free gift with a purchase of a particular product or dollar amount.
·Package your services or products together offering a savings over purchasing them individually.

There are several advantages to making offers such as these.
·Your offer will have a higher perceived value, thus better response
·You can often negotiate deals from suppliers, which may be more profitable for you than giving a percentage off.
·In some cases, you may be able to make surplus/unused inventory work hard for you, while freeing up space in your stock room.

The goal is to create a deal which is too hard to pass up. Keep an eye on the infomercials. They are great at using bonus items, ‘If you order now, you’ll not only receive……’ In many cases, it is just calling one element of a set the bonus item. I recall watching an infomercial for a set of knives. They took one of the knives, which really would round out the set and called it the ‘Bonus Knife’, plus they added a set of steak knives, all if you ordered in the next 7 minutes. The case was very compelling as you really felt that you would have every knife you would ever need in this one set.

The goal is to build a high-perceived value to your prospect. Make them feel like the deal is just too good to pass up. Smart packaging offers vs. discounting will generate more sales and more profits.

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Nicole Shields is the author of the 7 Step Marketing Plan manual, a complete system, including the Quick Start Kit, a digital file of forms and spreadsheets, which makes it easy for business owners and managers to write, implement and manage a profit-producing marketing plan. Sign up for a free, 7-part Marketing Lesson at www.7stepmarketingplan.com