565: Should You Offer Discounts?
The BizChix Podcast: Female Entrepreneurs | Women Small Business | Biz Chix
Natalie Eckdahl
4.8 • 630 Ratings
🗓️ 2 March 2023
⏱️ 25 minutes
🧾️ Download transcript
Summary
Does it ever make sense to offer a discount on your services?
My stance on discounts is a solid no. But it’s not quite that simple.
If you’re anything like some of our clients, you may get creative when it comes to discounting your services by trying to find an exception to the no discounts rule.
What about you? Are you coming up with creative ways to offer a discount without calling it a discount?
If so, stop right there and listen to today’s episode.
Elizabeth Cook, who is a coach in Six Figures Lab, and I will talk about why you should never offer discounts, even to your long-term clients.
And you will learn why you don’t have to offer discounts to get clients, how to respond if a client asks for a discount, and how to navigate a subcontracting arrangement that might involve lowering your rates.
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This episode was first published at BizChix.com/565. Subscribe to our sister podcast, Stacking Your Team, on your podcast app or at BizChix.com/category/team.
Transcript
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| 0:00.0 | Should you offer discounts? It's simple. No. My stance on discounts is a solid no, but it's not |
| 0:10.2 | quite that simple. If you're anything like some of our clients, you may get creative when it |
| 0:15.6 | comes to discounting your services by trying to find an exception to the no discounts rule. I'll give you an example. |
| 0:23.8 | In our Six Figures Lab Group coaching program, we work with women business owners who are |
| 0:29.2 | exclusively marketers, consultants, or financial professionals. They offer their services |
| 0:34.4 | through an ongoing retainer or high ticket projects. |
| 0:42.9 | Recently, a Six Figures Lab member asks the group if she should consider giving an incentive for clients who sign up for longer retainers. |
| 0:46.7 | I loved that another long-term client's reply was, no discounts in Six Figures Lab. |
| 0:53.7 | What about you? Are you coming up with creative ways to offer a |
| 0:58.1 | discount without calling it a discount? If so, stop right there and please listen to this episode. |
| 1:05.7 | In this episode, Elizabeth Cook, who is a coach in Six Figures Lab and I will talk about why you should never offer discounts. |
| 1:14.1 | And you will learn why you don't have to offer discounts to get clients. |
| 1:18.9 | How to respond if a client asks for a discount and how to navigate a subcontracting |
| 1:26.2 | arrangement that might involve lowering your rates. |
| 1:31.4 | Before we dive in, may I welcome you to the Bizchicks podcast, which has been a free resource |
| 1:37.5 | for women entrepreneurs since 2014. We help consultants, marketers, and financial professionals build an enduring business, |
| 1:47.0 | one that is enjoyable, profitable, and sustainable. Our clients are building service businesses |
| 1:53.4 | that give them freedom. They desire a business that is location independent, has a lean dream |
| 1:59.6 | team, and provides them personally with both a market-based |
| 2:03.6 | wage and profit. We coach our clients based on time-tested business models and strategies. We encourage |
| 2:11.3 | growth through referrals by building and nurturing relationships. We notice and reset our mindset issues and do not let them hold us |
| 2:19.9 | back for long. We also ignore the latest business fads and social media platforms. You'll find my |
... |
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