Stop Discounting, Add Value and Give Away Perceived Value

By: ActionCOACH

By not discounting, adding value and giving away perceived value, one can increase average dollar sale.

Stop Discounting:

Simply don’t discount your prices. This will mean that your sales are returning the highest possible profit margins. If your customers shop around a lot you may wish to offer some additional incentives such as free home delivery to assist you in closing the sale.

It’s important that you educate your customers on the value of doing business with your store.

Here are some useful hints and tips on putting an end to discounts:

Focus on the benefits and quality of your product, not the price.
Offer extra services like home delivery or pay by the month.
Don’t be afraid to lose the sale … remember the ‘C’ and ‘D’ grade customer rule.

Add Value:

Offer added value services to encourage customers to buy from you. These could be something like a free first service with each used car sold, or half-price scotch guarding on lounge suits etc.

A business owner may offer these on the deluxe models only to entice his customers to spend more.

Here are some useful hints and tips on adding value:

Look for cheap ways you can add value – it’s all about ‘perceived’ value.
These ‘extras’ should be part of the sales script.
The more expensive the product, the more you offer.

Give Away Perceived Value:

Give away products or services to make it look like your customers are getting excellent value for money. Whilst these things appear great to your customers, the extra you are offering should have cost you little if anything to provide.

In other words, you give away the value of an item, not it’s hard cost to you.

Here are some useful hints and tips on giving away a perceived value:

It’s not what you give away, but how important and valuable people believe it to be.
Something as simple as ‘your choice of color’ can do the trick.

Educate on Value, not Price:

You need to get your client focused on the benefits of the product and not the price. This is very important when dealing with bargain hunters or when selling higher priced and luxury items. To use it effectively, skip over your customers price queries by immediately coming back at them with a benefit.

Here are some useful hints and tips on educatin your cutomers on value:

Focus on BENEFITS, not the price.
Turn it around with lines like “Wouldn’t you pay a little extra for the added security?”

About ActionCOACH

Brad Sugars founded the brand Action International in 1993 when he realized there was a disconnect between business advice and implementation. The answer was Action! Brad Sugars created a business coaching company so that business owners throughout the world can realize their goals in business. Today the company is known as ActionCOACH. To learn more about business, visit Brad Sugars Review blog!

Reason #1: Different styles and methods of business coaching don't work for everyone

It's important to be honest with yourself and conduct a realistic assessment when it comes to business coaching. Though business coaching can have many benefits, it might not work for everyone.

Every individual brings their own experiences and values to the coaching dynamic, so results will vary. Additionally, some individuals might need more than just a coach. They might also need specialised knowledge or communication strategies specific to their industry or target audience. Below are a few key factors to consider:

Reason #2: There is no clear focus or vision (talk about time dedication here too)

cIt's important to be honest with yourself and conduct a realistic assessment when it comes to business coaching. Though business coaching can have many benefits, it might not work for everyone.

Business coaching is an effective tool for developing a clearer focus and vision for growing your business. A good coach will help you to take a comprehensive look at your strengths, weaknesses, and available resources that can be used to reach those goals. They will also help you draw up action plans with step-by-step instructions to get there.

By providing honest feedback and being patient throughout the process, a business coach can make sure that you’re on the right track. This will enable you to set realistic milestones and tasks.

These tasks may need dedicated time outside of coaching sessions. For example, a coach might help a client develop a marketing strategy or implement new systems for managing employees. However, if the client does not have enough time to devote to these tasks outside of coaching sessions, progress will likely stall.

Both the coach and the client must have enough time available to reflect on past experiences, brainstorm new solutions, and test out different strategies. If either party is rushed or distracted during coaching sessions due to other commitments or obligations, they may struggle to fully engage in this process.

Effective business coaching also requires a commitment to regular meetings and ongoing communication. If either the coach or the client does not have enough time to dedicate to these meetings, progress may be slow or nonexistent.

It's important to recognise that business coaching is an ongoing process that takes time to yield results. While some clients may see improvements after just a few sessions with their coach. Others may need months or even years of consistent effort before they begin seeing real changes in their businesses.

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