Ep. 153: The Real Cost of Discounting (and What To Do Instead).

Salon CEO Day: https://www.laurenlappin.com.au/the-salon-ceo-day

In this week's episode Lauren discusses the real cost of discounting in your Business, and what to do instead.

The Impact of Constant Discounting on Your Business:

1. Erodes Your Brand Value.
2. Discounts attract bargain hunters, not loyal Clients. (03:00).
3. Discounting can damage the perceived value of your services — Clients and potential Clients may start to question your pricing across the board, you run the risk of being perceived as cheap or non-premium. (04:30).
4. Regular discounts (aimed at attracting new Clients) may start to annoy your most loyal OG Clients. (05:30).
5. Regular discounting eats into your profit margin. Do the math before discounting, and ask yourself, can you really afford to discount? (06:30).

What To Do Instead of Discounting:

1. Content Planning and Creation. The better your Content, the more your Business will grow into the future. (09:00).
2. Training for yourself and/or training for your Team. (10:30).
3. Utilise Models to grow your Business. (12:00).
4. Contact former Clients and/or Clients you haven't seen a while and check in with them. (13:00).
5. Get up-to-date or even ahead on your admin work. (14:30).
6. Learn to be OK with a little bit of white space in your schedule. (15:00)

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This Episode was Recorded and Produced by Josh Liston at JCAL Media Group.