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Discounts Suck

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Business Growth

Discounts Suck

discounting products and services bad idea

Discounts Suck.

It’s a race to the bottom. Yet so many business operators rely on it every day.

I didn’t discount as a bar/restaurant owner. Instead of “comping” items for good customers or trying to lure large groups into my bars/restaurants with volume discounts, we charged full price and invested some of the money we would have GIVEN AWAY into BLOWING GUESTS AWAY!

Here’s what I’m talking about:

SMALL: For regular customers bringing their kids in: Instead of giving away free items that they would pay for anyway, we kept a box of cool toys/gifts that kids loved.

MEDIUM: When booking a celebratory dinner: We picked them up a small gift that suited the occasion. A fancily wrapped $25 gift makes a far greater impression than a mere congratulatory wish upon arrival (Gift + Congrats = OMG!).

LARGE: When a larger party books and commits to spending $1,000 or more, it’s not uncommon to discount 5-10%.

But what if you invested the $50-$100 in sending a “Gratitude Package” to the host of the event?

You could include:

  • A bottle of wine
  • Branded glasses
  • Your bar’s T-shirt
  • A handwritten note to their office

If you can include a fun group shot taken on the night of the event and spring for a $10 frame, you’ve hit a home run!

A $100 discount is forgotten seconds after it occurs, but a killer gratitude package is the gift that keeps on giving!

– Sean

P.S. I was recently reminded by Cameron Herold, that it’s time to UP MY GAME! Now, consider upping YOUR GAME, too.

P.S.S. I ordered John Ruhlins book , Giftology: The Art and Science of Using Gifts to Cut Through the Noise, Increase Referrals, and Strengthen Retention

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