We all know that every penny counts, so if you’re looking for ways to make your discounts look even more attractive to customers, then this is an episode not to miss! Is zero better than free? Does money off work better than percentage?
Let’s dive into it and find out.
Fab shares two of her new favourite marketing tactics from Ariyh’s incredible newsletter, including how you can make discounts more appealing.
- Discounting: If your product is priced above $100, try offering an ‘amount off’ discount for increased effectiveness. For example, you could offer $20 off a $120 product. However, if the product is priced below $100, offering a percentage discount may be more effective. For instance, 20% off a $50 product would have a greater impact on customers.
- The Power of Zero: The thought of getting something for free can be enticing, but sometimes that’s not the best way to phrase it. In fact, telling customers that something is “$0” or “at no cost” can be more effective than promoting something as “free”. When you frame it as a cost savings, customers feel like they’re not losing money, rather than gaining a free item. So if you want to increase your conversion rates, consider using the pricing trick of “zero” rather than “free.”
Just remember, when it comes to pricing, there’s a lot of psychology involved.
Reflections from our open day
As a school, open days are so important—they give potential students a chance to really connect with your teachers and myself.
They provide dan opportunity to get up close and personal and understand exactly what we have to offer.
Open days also give students a chance to ask questions about your product or service – and to our surprise the attendance did not drop for our certification AMA sessions. In fact, we had lots of attendees showing up live to ask questions (and converted 2 out of those people!)
This gives them a greater understanding of how it works and what kind of value they can expect from it. It also allowed us to build trust with potential students by demonstrating that we-re open and honest about what we’re offering.
What about you? What kind of experience would best set expectations about what you have to offer? Webinars, panels, summit?
Resources
- Access open day replay: click here
- Ariyh’s newsletter: click here
