Black Friday, Small Business Saturday and Cyber Monday are some of the biggest online and offline shopping days of the year. Not just for big business, small business owners have jumped in this spending frenzy, too. Some business owners offered up to 90% off their products and services. For some buyers those deals were just too good to pass up.
How can a business owner still generate income without deeply discounting their products and services during the holiday shopping season?
One way that small business owners can still generate and increase their sales during the holiday season (or anytime during the year) without lowering their prices is to increase the value of the offering. For example, if the price is $100 of a product or service you add an additional product or service to the package to increase the value of the current offering. This is best done when you’re enhancing the value with something that doesn’t cost you. For example, you have an eBook that can be added to the offering. It’s already created and doesn’t cost you anything additional to add it to the current offer.
The second way is all about the words you use to market the product or service. By simply adding the word “sale” you signal to the buyer that they are getting a deal when the price may not be lower, however the incentives and bonuses that you include in the offer may be different. Therefore, triggering what can be considered a sale and/or different offer.
Now the third way to increase your sales without lowering your prices is to create a sense of urgency with “last chance offers”. This may be related to a product or service that you’re no longer going to offer so the buyer has an opportunity to take advantage of it now. The last chance offer can also be related to a future price increase. For example, if you’re going to increase the price of the product or service, the last chance offer would allow customers to “get it now” before the price goes up.
What are some ways that you’ve increased your sales without lowering your prices?
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