Discounts are a powerful tool to increase the sales of your memberships, products and services. But you have to know how to use them! Here I show you 8 different ways to use discounts on your membership site or online business.
One of the biggest mysteries for my “Tu Sitio De Membresía” students is the management of their membership prices and their other products and services.
Aside from not knowing how much to charge for your membership, there is always the big question mark of how to handle discounts.
Discounts are a powerful way to encourage your prospects to take action, get their credit card and sign up for your membership, but you have to be very clear:
- When are they given, how are they given, how much is given, and for how long?
For your clarity, here are some types of discounts commonly used on the web:
1. Prize for early registration:
It is common to encourage people to enroll in a program early.
This “early” price is only valid for a limited time and serves to earn a high number of registrants from the start of the launch.
It is a good way to attract customers who hesitate a little and leave the decision to sign up for "someday." So you give them a little push!
2. Discounts for your clients:
It is always advisable to program a special price for the clients you already have. So you take care of them and you reward them for their fidelity.
3. Coupons:
They are discounts that are offered to a certain group of people and that allow them to enroll in your program with a reduced price.
For example, it is widely used in strategic alliances. You offer an exclusive discount to the followers of your alliance, as a special favor for promoting your products.
4. Liquidations:
Sometimes it is a good time to liquidate products that you have had in the market for a while and you want to replace them with renewed versions or with other products.
In the settlements you must indicate that the product will no longer be available and that it is the last opportunity they have to access it.
5. Sell product packages:
If you already have more than one product, you can put together product packages and sell them at a lower price than the total sum of the prices of each would cost.
It is a very effective strategy that is widely used to sell higher volume.
6. Prize for bringing a guest:
It is widely used in offline conferences.
To gather a significant number of potential customers (and to fill the room and hotel spaces), discounts are given for people who arrive with a companion. Then they are offered a high value product that will represent the true profitability of the event.
7. Commissions for affiliates:
If you are going to have an affiliate program (and that is what I recommend), you should consider what is the percentage of commission that you are going to pay them.
You have to leave enough "game" in your price to be able to be generous with your affiliates and your strategic alliances, without your product ceasing to be profitable.
8. Add more perceived value with additional bonuses and resources:
Instead of giving a discount, you can increase the perceived value of your product by adding bonuses and valuable resources related to your program.
