Creative Ways to Increase Sales Without Discounting Your Prices During a Crisis or Recession

plant growing in concrete
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You know businesses who are getting relief/support from the PayCheck Protection Program and/or the EIDL.
You may/may not be one of them.
Like the plant in this picture, you’re doing what you can with what you have, making the best of things in a tough environment.
At the same time, you’re continuing your marketing. Assessing what your clients most need right now and working to give it to them.
And then the question: “Are you offering a discount ‘in this time’”?
They’ve heard of other businesses providing discounts due to the “economic uncertainty” that abounds and want to know if you are as well.
It’s a question we all need to answer for ourselves.
Before you answer however, consider… Instead of a discount, can you:
  • offer extended payment terms? Pay over 5 months instead of 3, etc. to make the terms easier.
  • add additional value by including an extra “X” that your customers and clients would appreciate?
  • break your bigger program/product/service into smaller pieces so they can invest in just what they need right now for less?
  • mix up the agreement for longer term contracts? For example, offer a reduced price for 2020 and then a little higher in 2021 and normal pricing 2022 forward?
  • create an option that works for the client’s current budget?
Personally, I’ve done each of the above.
Have clients who are past due?
Given all the time and costs involved in continuously following up (especially if you’re paying a team member to do it), consider offering them something to pay in full by “X” date. A bonus that would be valuable to them and worthwhile to you to get the account up-to-date.