This is all about value, right? People choose you over a competitor based on the value they believe they will get from you! And like wise, they choose a competitor because they believe they are going to get better value from them than you will provide.
Its all about that emotional connection. How do we continually grow, refine and improve the emotional connection that we have with a product or service in that business?
That’s really where the asset of your business comes. Is how well people understand that value, how well we are communicating it, how well it comes through in every single touch point that you have with a client. And that’s where you should be investing verse the discounts are the quick , easy, dirty, race to the bottom of the barrel.
Customers by far the most important. Are you meeting with them regularly? Are you getting feedback from them? Are you seeing what else you can improve? Are you seeing what your competitors are doing that you can do better? Once again, this is all how you are more competitive and better than them.
Being better means you provide better value, and it’s perceived value. People are happy to spend an extra 5, 10, 20 – $50 bucks, whatever it may be, if they are getting more value from you than the next guy (competitor).
There’s an interesting question around discounts, because if your target audience has become accustomed to you – seeing that that’s the value they get from you, then it’s really hard to change. There are numerous stories of them (businesses) trying to change that and going out of business as a result of it.
But if you’re playing in this space (discounts) in little bits and pieces, it’s a lot easier just to focus on the value proposition you generate.
