Clients often ask me about discounting their services fees. This comes from a desire to attract more clients, particularly when there is a lot of competition or the economy is on a downward trend.
In fact, you can attract more clients by NOT discounting what you charge.
Usually the reason why more people aren’t hiring you is because they don’t understand the value of what you have to offer or they don’t know about you. Neither is a pricing issue. It’s more about awareness and value, right?
My recommendation is to never discount your fee. The truth is, you can make money in any business, at any time, in any economy. This is a matter of mindset.
Here are three big reasons why you don’t want to do discount your services and how to attract more clients as a result.
1. Discounting your fee discounts your value. Plain and simple. Doctors and lawyers don’t do this and neither should you.
2. You are focusing on pricing rather than value. A stronger promotion is to add value to whatever you are offering. This helps prospects feel like they are getting MORE when they sign up to work with you. Prospects may feel more inclined to say yes since they are getting a good deal. But you can achieve this without sacrificing your fee and also attract more clients as a result.
3. From a mindset perspective, whatever you focus on is what you get more of. So the last thing you want to focus on is discounting your fees. That sends out a message that cheapens your service and impacts your confidence.
What can you do instead?
1. Point #2 above talks about adding value and that is a great way to attract more business. Give clients something in addition to your services at no extra cost. This is a common practice in the cosmetic industry where they never discount the product, but add other products or provide a special gift. People love freebies!
2. You can discount your products with a special promotion. This works best when offered for a limited amount of time. People will be motivated to act now in order to take advantage of the lower price.
Your Client Attraction Assignment
If you want to attract more clients by offering a special promotion, come up with a package that delivers something additional to your services at no extra cost. For example, throw in a free product when people sign up to work with you. Think about what you have to offer and how you can combine the items to make the best value for attracting new clients.