096: The Proper Way to Use Discounts

Marketing Your Business - Marketing Strategies for Business Owners

Stu McLaren

Emailmarketing, Amyporterfield, Michaelhyatt, Marketing, Onlinemarketing, Stumclaren, Marketingyourbusiness, Business, Russellbrunson, Contentmarketing, Jeffwalker, Entrepreneur, Patflynn, Membershipsites, Listbuilding, Subscriptionsites, Passiveincome, Recurringrevenue

4.9 • 664 Ratings

🗓️ 28 November 2018

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Last week the Black Friday bonanza was exciting as a customer. But there is a serious downside to consider as a business owner. In this episode I share the proper way to use discounts.

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0:00.0	It was Black Friday, and the discounts were flying this way and that.
0:04.0	80% off, no 90% off, no 95% off.
0:08.0	Huge mistake.
0:09.7	I'll tell you why in this episode.
0:12.8	Marketing your business is for you, the business owner, who has a product, a service,
0:17.0	or a message that you believe in.
0:19.0	My name is Stu McLaren, and each week we'll take a behind
0:21.6	the scenes look into the real world marketing tactics and strategies for getting what you have
0:26.5	in front of a lot more people. Thanks for spending some time with me today. Now let's get started.
0:33.6	Okay, Black Friday and Cyber Monday are over.
0:38.0	But you know what was really eye-opening to me is to watch the misuse of discounts.
0:44.9	Discounts suck because they create all kinds of long-term ripples that you do not want in your brand, in your positioning, and in the
0:57.8	marketplace. Okay, so Black Friday happens, and there was all kinds of big offers that were being
1:04.5	put out there by all kinds of different businesses, people who were discounting their products significantly. I mean,
1:12.3	I saw like $2,000 products being discounted to just a few hundred bucks. I saw these huge
1:18.2	bundles worth thousands of dollars discounted 80, 90, 95%. It's crazy. And so when Black Friday
1:26.7	happens, typically we all experience this from a physical
1:30.9	product standpoint, right? Like the big box stores, like the best buys and all the big box stores,
1:36.4	they all have these crazy discounts. But when it comes to more intellectual property, like
1:43.4	horses and membership sites and consulting packages and services
1:49.0	things like that i got two questions that i want you to think on question number one is when you
1:56.0	steeply discount your products what kind of customers are you going to attract? Are you going to
	...

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