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The Pros and Cons of Discounts in Service-Based Business
Manage episode 448490748 series 3390105
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Are discounts and promotions helping your business thrive, or are they quietly cutting into your profits?
In this episode of Live with The Pricing Lady, we’re getting real about something many businesses struggle with—how to use discounts without damaging your bottom line or your brand.
Sure, discounts can drive quick sales and attract new customers, but are they really aligned with your long-term goals? I’ll break down how these tactics work in different industries—like retail and consumer goods, where they can really pay off, versus luxury brands or professional services, where they can do more harm than good.
We’ll also talk about some common traps—like discounting because you're unsure of your value or not analyzing profitability well enough. Don’t worry, I’m not just pointing out the problems. I’ll share practical tips on how to use discounts thoughtfully and protect your brand while maintaining profitability.
Ready to take control of your pricing? Tune in to the latest episode, and learn how to stop letting discounts drive your decisions. Listen now wherever you get your podcasts.
What to Listen out for:
- 01:48 Pros of Discounts and Promotions
- 05:46 Cons of Discounts and Promotions
- 12:47 The Pitfalls of Discounting in Business
- 15:54 The Importance of Business Purpose and Math
- 20:18 Setting Clear Boundaries for Discounts
- 23:04 Effective Communication of Discounts
Episode Links:
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Reach Out, Connect, or Book a Call with Janene
Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the self-assessment Pricing Scorecard (https://thepricinglady.com/pricing-self-assessment-scorecard/). Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.
Get in touch with Janene. If you’ve got a question that needs answering, a challenge you’re facing or you have suggestions for future topics or guests, let me know. Contact Janene (https://thepricinglady.com/book-a-call/)
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