With Black Friday right around the corner …
It’s time to talk about one of the BIGGEST profit-destroying mistakes you can make:
👉 Offering steep, paid-in-full discounts.
Here’s why…
Besides hurting your bottom line, if you have a hard time managing your cash flow …
It’s WAY too easy to blow the money you make from discounted paid-in-fulls upfront.
You WANT recurring monthly revenue.
And getting too many people into a discounted paid-in-full (PIF) agreement for Black Friday eats into those ongoing profits.
And, while you’re busy fulfilling those discounted long-term contracts next year, you’re taking time away from working with people who would happily pay MORE to work with you!
Instead, if you want to offer paid-in-full discounts on your services, limit the number of spots and don’t OVER-discount. I generally recommend about 10% tops.
Even better?
Instead of going the “discount” route, think about offering extra bonuses or swag to sweeten the deal!
Some cool bonuses to offer INSTEAD of a discount on your PIFs could be:
- A complimentary New Year Challenge
- A supplement bundle
- A VIP card with exclusive discounts throughout the year
- An upgrade to their existing membership level
- Access to any self-paced programs or resources you have available
- A Fitbit
Or anything else that’s low cost for you … but a high-perceived value for them.
Bottom Line: a great Black Friday promo should boost your revenue now AND set you up for a more successful 2023!
You don’t have to choose one or the other 🙂
Make today amazing,
Alicia
