How to Give a Discount for Your Service or Product
Unlock the secret to growing your business without compromising your prices!
If you're a smaller business owner and you start doing business with other business owners, they are going to try and squeeze you.
Discover how a discount referral strategy can not only close sales but also bring you more customers.
My name is Mike Grady, and I have made 100% of my income online since 1998.
I have started and grown several businesses, learning invaluable lessons along the way.
Today, I'm sharing a powerful technique that can help you close more sales while expanding your customer base.
In the realm of business discount strategies, one of the most effective discount techniques is offering a referral discount.
If someone wants to pay $199 and your price is $299, you can give them the discount in exchange for an introduction to three friends.
This approach leverages referral discounts for small businesses to not only close a sale but also attract new customers.
Smaller business owners often face pressure from other business owners to lower prices.
However, using negotiation tactics for discounts can help maintain your pricing integrity.
You can say...
"Okay, I can't, out of ethics, charge you differently than I charge someone else for the same services, but if you're willing to send me somebody else, I can lower the price to X. How does that sound?"
This method is an excellent example of ethical discounting methods.
By introducing customer referral incentives, you change the terms of the sale and add another variable to the negotiation.
Start by asking for three referrals for a hundred dollars decrease.
If they say no... Ask for (counter offer) two referrals.
This gives you a point to negotiate with, helping to both...
- Close the sale
- Increase sales with discounts
Think about the last time you were on the fence about a purchase.
What if the seller had offered you a discount in exchange for a simple introduction to friends?
It’s a win-win situation.
Not only do you get the product or service at a lower price, but the seller gains potential new customers.
This is a strategy you can easily implement in your own business to boost sales and expand your client base.
By adopting this technique, you'll not only...
- Close more deals but also
- Continuously feed your business with new prospects.
Imagine turning every sale into a potential lead generator, creating a ripple effect that can significantly grow your customer base.
It's an efficient, ethical way to offer discounts without undermining your pricing structure.
Remember, adding another variable to your negotiations can be a game-changer.
Start with asking for three referrals for a discount, and if needed, negotiate down to two.
This tactic not only helps close the sale but also brings in more customers, fostering business growth through discounts.
Implementing discount marketing strategies like this can be part of your small business sales strategies and boost sales with discounts.
This insightful strategy is something I learned from Alex Hormozi, a master at closing sales and growing businesses (as of this writing) to 200 million annually and more.
