3 Tips to Increase Sales - Without Discounting or Damaging Your Business - #048

When it comes to generating more sales for your business, there’s
no shortage of strategies and tactics to try. However, be wise
when choosing, as some have the power to not only waste your
valuable resources, but damage your business in the process. So,
how do you choose the best option, especially if cold calling or
slashing prices aren’t your thing?


 


In this episode, Adam shares three tips to increase sales without
discounting or damaging your brand, business or reputation in the
industry, while keeping long-term revenue in mind.


 
Episode Discussions:

Adam's objections with cold calling and slashing prices

Countdown timers on your website: good or bad strategy?

How frequent sales can damage your long-term sales

Ways to get creative when planning promotional events

How to get the most out of using scarcity and exclusivity

What to do when your competitors are running discounts

The psychology behind reciprocity and why it works to
increase sales

A must-have powerful tool to keep in your marketing toolbox

How and when to implement a rewards campaign into your
strategy

Why you should track, measure, and monitor your rewards
campaign and what to look for



 


1:59


Cold calling: loss of power balance, gives off a "needy"
impression, interrupts someone's day.

Slashing prices/frequent sales: devalues your offer, destroys
profit margins, trains your customers to wait for the next sale
rather than purchase immediately.



 


4:20
#1. Events

Takes advantage of the psychological principle of scarcity

Create an event around your product, service or business

Allows you to ethically and honestly put a real deadline on
your promotion.

If using a countdown timer on your website, use a real timer
like Deadline Funnel.

Gives you creative liberty to promote, advertise, and spread
the word.

Pair event with something relevant and meaningful to your
business or industry.



 


6:14
#2. Upgrades

Takes advantage of the psychological principle of
exclusivity.

Provide an additional product, service or benefit worth 20%
more rather than offering a 20% discount.

Can be tied in with an event to help include the scarcity
factor.

Gives feeling of exclusivity if upgrade is limited to a
select few, those who purchase a select product or at a select
time.

Consider upgrading if competitors are running discounts.



 


7:25
#3. Rewards

Takes advantage of the psychological principle of
reciprocity.

Says "thank you" and promotes new sales

Can be offered with no requirement or stated expectation of
purchase

Instills an element of reciprocity in the receiver to feel
out of balance until favor is returned.

Use with frequent or loyal customers

Or test strategy on new cold traffic



Track, measure, monitor - Ensure campaign is ROI positive
over 30, 60, 90 days



 


8:51


Takeaway point:


“Long-term brand value shouldn't be jeopardized just to make a
few short-term sales. Especially when you have so many better
options available.”


 
Mentioned in this Episode:

Influence: The Psychology of Persuasion- Robert Cialdini


Deadline Funnel


 


Contact Adam: Adam@AdamErhart.com


 


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