Your customers have no idea how much your product or service is worth. Their only gauge is the price you place on it. When you discount your product you lessen its worth. You invite more guests to the table but the service gets slower and the portions smaller.
Factor a decent margin into your pricing and stick to your guns. If a client asks for a discount and you give it to them, you admit that the price was inflated to begin with. If you kindly explain that you don’t move on price, you demonstrate the respect you have for your brand and the value you place on your products.
Reduced prices may seem like a good way to turn a prospect into a client but it very quickly leads to a race to the bottom. Corners are cut, talent is underpaid, quality is jeopardised and clients are mistreated.
Set out a velvet rope in front of your business and invite only those suitable inside. Don’t be afraid to tell cheap clients that you may not be compatible. When you limit your number of clients and increase your prices you can better serve your tribe and better build your brand.