{"id":7764,"date":"2022-02-04T05:44:52","date_gmt":"2022-02-03T21:44:52","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/?p=7764"},"modified":"2023-08-08T19:05:42","modified_gmt":"2023-08-08T11:05:42","slug":"why-you-shouldnt-give-discounts","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/why-you-shouldnt-give-discounts\/","title":{"rendered":"Why You Shouldn\u2019t Give Discounts?"},"content":{"rendered":"\t\t
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Why Slashing Prices Might Not Be A Good Idea At All!<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Recently, a new client came to Melvin<\/a><\/strong>, CEO and Director of Bizsquare Management Consultants, for advice as his business was not doing well during this pandemic.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\"carpentry\"\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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He is a carpentry contractor, and he was convinced that the only way to get new projects and drive sales was through slashing his prices and handing out discounts. However, as soon as he managed to seal a deal through his discounted carpentry services, he was faced with a sudden price hike in the costs of his carpentry materials. Furthermore, he also had to make numerous return trips for minor rectifications at the cost of his time and energy.<\/p>

Unfortunately, the revenue gained from his projects was unable to cover his expenses and his business was quickly plagued with cash flow issues.<\/p>

Now, think about it from a consumer\u2019s perspective. <\/strong><\/h4>

Have you ever engaged a service provider just because they are the cheapest in the market? If you are constantly evaluating your choices solely based on prices, do you realize that your service provider almost always becomes uncontactable after a few months when you wish to look for them again, or worse still, their company closed down just after a few years?<\/p>

This whole process is a vicious cycle. Consumers need to gradually change their perspectives and we as business owners, should not be giving in to the temptation of slashing our prices and handing out discounts just to drive further sales and close more deals.<\/p>

What can you do instead?<\/strong><\/h4>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Go against the grain, differentiate yourself and stand out amongst your competitors. Accurately identify the needs of your customers and justify your prices. Don\u2019t fight to provide the lowest price; strive to be above average.<\/p>

What you can do is thus, increase your brand equity<\/a><\/strong> and its customer perceived value \u2013 resulting in your clients willingly paying a price premium for your brand\u2019s products and\/or services. Be firm in your business and seek to reduce the number of times you give discounts.<\/p>

If Melvin\u2019s story of the carpentry contractor is all too familiar for you, you might want to consider telling your consumers who are receiving unnecessary discounts this: \u201cWould you want to build a long-lasting business relationship with me? If so, I am afraid I would not be able to offer you any more discounts but what we can promise you is our efforts and dedication in consistently delivering quality products and\/or services to you.\u201d<\/p>

We hope it all goes well for your business!<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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For more articles, hesitate no longer and check out our socials!<\/u><\/h4>

Website:\u00a0https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/<\/a><\/p>

Website:\u00a0https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.sgsmeloans.com.sg\/<\/a><\/p>

Facebook:\u00a0https:\/\/www.facebook.com\/bizsquaremc<\/a><\/p>

Instagram:\u00a0https:\/\/www.instagram.com\/bizsquaremc\/<\/a><\/p>

LinkedIn:\u00a0https:\/\/www.linkedin.com\/company\/bizsquare-management-consultants-pte-ltd<\/a><\/p>

BizSquare<\/i><\/a>\u202fis a one-stop business consultancy firm providing\u00a0Loan Consultancy Services<\/a>, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship.<\/i>\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

For more info, please visit\u00a0Bizsquare\u00a0Group at\u202f<\/i>www.bizsquare.com.sg<\/i><\/a>\u202f<\/i>\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Why Slashing Prices Might Not Be A Good Idea At All! Recently, a new client came to Melvin, CEO and Director of Bizsquare Management Consultants, for advice as his business was not doing well during this pandemic.\u00a0 He is a carpentry contractor, and he was convinced that the only way to get new projects and drive sales was through slashing his prices and handing out discounts. However, as soon as he managed to seal a deal through his discounted carpentry services, he was faced with a sudden price hike in the costs of his carpentry materials. Furthermore, he also had to make numerous return trips for minor rectifications at the cost of his time and energy. Unfortunately, the revenue gained from his projects was unable to cover his expenses and his business was quickly plagued with cash flow issues. Now, think about it from a consumer\u2019s perspective. Have you ever engaged a service provider just because they are the cheapest in the market? If you are constantly evaluating your choices solely based on prices, do you realize that your service provider almost always becomes uncontactable after a few months when you wish to look for them again, or worse still, their company closed down just after a few years? This whole process is a vicious cycle. Consumers need to gradually change their perspectives and we as business owners, should not be giving in to the temptation of slashing our prices and handing out discounts just to drive further sales and close more deals. What can you do instead? Go against the grain, differentiate yourself and stand out amongst your competitors. Accurately identify the needs of your customers and justify your prices. Don\u2019t fight to provide the lowest price; strive to be above average. What you can do is thus, increase your brand equity and its customer perceived value \u2013 resulting in your clients willingly paying a price premium for your brand\u2019s products and\/or services. Be firm in your business and seek to reduce the number of times you give discounts. If Melvin\u2019s story of the carpentry contractor is all too familiar for you, you might want to consider telling your consumers who are receiving unnecessary discounts this: \u201cWould you want to build a long-lasting business relationship with me? If so, I am afraid I would not be able to offer you any more discounts but what we can promise you is our efforts and dedication in consistently delivering quality products and\/or services to you.\u201d We hope it all goes well for your business! For more articles, hesitate no longer and check out our socials! Website:\u00a0https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/ Website:\u00a0https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.sgsmeloans.com.sg\/ Facebook:\u00a0https:\/\/www.facebook.com\/bizsquaremc Instagram:\u00a0https:\/\/www.instagram.com\/bizsquaremc\/ LinkedIn:\u00a0https:\/\/www.linkedin.com\/company\/bizsquare-management-consultants-pte-ltd BizSquare\u202fis a one-stop business consultancy firm providing\u00a0Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship.\u00a0 \u00a0 For more info, please visit\u00a0Bizsquare\u00a0Group at\u202fwww.bizsquare.com.sg\u202f\u00a0<\/p>\n","protected":false},"author":1,"featured_media":7798,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[213,219,207,209,208,216,217,218,211,212,210,215,214],"class_list":["post-7764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-business","tag-best-business-loan-singapore","tag-best-sme-loan-in-singapore","tag-business-loan-singapore","tag-business-loan-singapore-covid-19","tag-business-loan-singapore-requirements","tag-business-loanin-singapore","tag-loan-consultant-in-singapore","tag-property-loan-in-singapore","tag-small-business-loan-singapore","tag-sme-business-loan-singapore","tag-startup-business-loan-singapore","tag-temporary-bridging-loan","tag-working-capital-loan"],"acf":[],"yoast_head":"\nWhy You Shouldn\u2019t Give Discounts? - Bizsquare Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/why-you-shouldnt-give-discounts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why You Shouldn\u2019t Give Discounts?\" \/>\n<meta property=\"og:description\" content=\"Why Slashing Prices Might Not Be A Good Idea At All! Recently, a new client came to Melvin, CEO and Director of Bizsquare Management Consultants, for advice as his business was not doing well during this pandemic.\u00a0 He is a carpentry contractor, and he was convinced that the only way to get new projects and drive sales was through slashing his prices and handing out discounts. However, as soon as he managed to seal a deal through his discounted carpentry services, he was faced with a sudden price hike in the costs of his carpentry materials. Furthermore, he also had to make numerous return trips for minor rectifications at the cost of his time and energy. Unfortunately, the revenue gained from his projects was unable to cover his expenses and his business was quickly plagued with cash flow issues. Now, think about it from a consumer\u2019s perspective. Have you ever engaged a service provider just because they are the cheapest in the market? If you are constantly evaluating your choices solely based on prices, do you realize that your service provider almost always becomes uncontactable after a few months when you wish to look for them again, or worse still, their company closed down just after a few years? This whole process is a vicious cycle. Consumers need to gradually change their perspectives and we as business owners, should not be giving in to the temptation of slashing our prices and handing out discounts just to drive further sales and close more deals. What can you do instead? Go against the grain, differentiate yourself and stand out amongst your competitors. Accurately identify the needs of your customers and justify your prices. Don\u2019t fight to provide the lowest price; strive to be above average. What you can do is thus, increase your brand equity and its customer perceived value \u2013 resulting in your clients willingly paying a price premium for your brand\u2019s products and\/or services. Be firm in your business and seek to reduce the number of times you give discounts. If Melvin\u2019s story of the carpentry contractor is all too familiar for you, you might want to consider telling your consumers who are receiving unnecessary discounts this: \u201cWould you want to build a long-lasting business relationship with me? If so, I am afraid I would not be able to offer you any more discounts but what we can promise you is our efforts and dedication in consistently delivering quality products and\/or services to you.\u201d We hope it all goes well for your business! For more articles, hesitate no longer and check out our socials! Website:\u00a0https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/ Website:\u00a0https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.sgsmeloans.com.sg\/ Facebook:\u00a0https:\/\/www.facebook.com\/bizsquaremc Instagram:\u00a0https:\/\/www.instagram.com\/bizsquaremc\/ LinkedIn:\u00a0https:\/\/www.linkedin.com\/company\/bizsquare-management-consultants-pte-ltd BizSquare\u202fis a one-stop business consultancy firm providing\u00a0Loan Consultancy Services, Accounting and Corporate Secretarial Services, Branding and Marketing Consultancy, Strategy Management and Start-up Mentorship.\u00a0 \u00a0 For more info, please visit\u00a0Bizsquare\u00a0Group at\u202fwww.bizsquare.com.sg\u202f\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/why-you-shouldnt-give-discounts\/\" \/>\n<meta property=\"og:site_name\" content=\"Bizsquare Group\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-03T21:44:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-08T11:05:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/wp-content\/uploads\/2022\/02\/Price-slash-1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"605\" \/>\n\t<meta property=\"og:image:height\" content=\"436\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Melvin Ho\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Melvin Ho\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bizsquare.com.sg\\\/why-you-shouldnt-give-discounts\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bizsquare.com.sg\\\/why-you-shouldnt-give-discounts\\\/\"},\"author\":{\"name\":\"Melvin Ho\",\"@id\":\"https:\\\/\\\/bizsquare.com.sg\\\/#\\\/schema\\\/person\\\/ecabdf5656eee10b5d88a5ad4c127f83\"},\"headline\":\"Why You Shouldn\u2019t Give Discounts?\",\"datePublished\":\"2022-02-03T21:44:52+00:00\",\"dateModified\":\"2023-08-08T11:05:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bizsquare.com.sg\\\/why-you-shouldnt-give-discounts\\\/\"},\"wordCount\":512,\"publisher\":{\"@id\":\"https:\\\/\\\/bizsquare.com.sg\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/bizsquare.com.sg\\\/why-you-shouldnt-give-discounts\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bizsquare.com.sg\\\/wp-content\\\/uploads\\\/2022\\\/02\\\/Price-slash-1.jpeg\",\"keywords\":[\"best business loan singapore\",\"best sme loan in Singapore\",\"business loan singapore\",\"business loan singapore covid 19\",\"business loan singapore requirements\",\"Business loanin Singapore\",\"loan consultant in Singapore\",\"property loan in Singapore\",\"small business loan singapore\",\"sme business loan singapore\",\"startup business loan singapore\",\"Temporary Bridging Loan\",\"working capital loan\"],\"articleSection\":[\"General Business\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bizsquare.com.sg\\\/why-you-shouldnt-give-discounts\\\/\",\"url\":\"https:\\\/\\\/bizsquare.com.sg\\\/why-you-shouldnt-give-discounts\\\/\",\"name\":\"Why You Shouldn\u2019t Give Discounts? 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Fun fact about Melvin is that he likes to drink fresh milk every morning and he loves to play squash!\",\"url\":\"https:\\\/\\\/bizsquare.com.sg\\\/author\\\/kqppaoyppt\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Why You Shouldn\u2019t Give Discounts? - Bizsquare Group","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/bizsquare.com.sg\/why-you-shouldnt-give-discounts\/","og_locale":"en_US","og_type":"article","og_title":"Why You Shouldn\u2019t Give Discounts?","og_description":"Why Slashing Prices Might Not Be A Good Idea At All! Recently, a new client came to Melvin, CEO and Director of Bizsquare Management Consultants, for advice as his business was not doing well during this pandemic.\u00a0 He is a carpentry contractor, and he was convinced that the only way to get new projects and drive sales was through slashing his prices and handing out discounts. However, as soon as he managed to seal a deal through his discounted carpentry services, he was faced with a sudden price hike in the costs of his carpentry materials. Furthermore, he also had to make numerous return trips for minor rectifications at the cost of his time and energy. Unfortunately, the revenue gained from his projects was unable to cover his expenses and his business was quickly plagued with cash flow issues. Now, think about it from a consumer\u2019s perspective. Have you ever engaged a service provider just because they are the cheapest in the market? If you are constantly evaluating your choices solely based on prices, do you realize that your service provider almost always becomes uncontactable after a few months when you wish to look for them again, or worse still, their company closed down just after a few years? This whole process is a vicious cycle. Consumers need to gradually change their perspectives and we as business owners, should not be giving in to the temptation of slashing our prices and handing out discounts just to drive further sales and close more deals. What can you do instead? Go against the grain, differentiate yourself and stand out amongst your competitors. Accurately identify the needs of your customers and justify your prices. Don\u2019t fight to provide the lowest price; strive to be above average. What you can do is thus, increase your brand equity and its customer perceived value \u2013 resulting in your clients willingly paying a price premium for your brand\u2019s products and\/or services. Be firm in your business and seek to reduce the number of times you give discounts. If Melvin\u2019s story of the carpentry contractor is all too familiar for you, you might want to consider telling your consumers who are receiving unnecessary discounts this: \u201cWould you want to build a long-lasting business relationship with me? If so, I am afraid I would not be able to offer you any more discounts but what we can promise you is our efforts and dedication in consistently delivering quality products and\/or services to you.\u201d We hope it all goes well for your business! For more articles, hesitate no longer and check out our socials! 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