Adding values instead of discount to your product or service?

What will you suggest if you are trying to increase sales for your product or service? Will you start a discount or sales for your product or service for a short period of time? Or will you try to add or increase values for your product or service? Which is a better idea?

Starting a discount of sales event is much easier because all you need to do is reduces the price of your product or service for a short period of time. The big question is “What will you gain by doing so?” You will have to generate a lot more sales in order to make money because you are reducing your profit margin. If the discount or sales event is unable to persuade a big group of customers to spend money, it is consider a failure. This method will only works if customers already have the intention to purchase but did not do so due to price. Your product or service must be something which customers wanted right from the beginning. When you are having a discount or sales event, you need to make sure those customers who are interested in your product or service knows you are cutting down the price.

If you are planning to add values into your product or service, you have to know what kind of values are required or needed by your customers. Usually the best way to do this is by asking your customers directly. A simple online survey should be able to get your answer. The next question is how do you add those values and should you increase the price of your product or service. Generally you should try to add values to your product or service constantly in order to stay in the competition and keep your business alive. Your product or service should constantly evolve according to the needs. This is probably the most difficult part of the work because it involves a lot of time, effort and money. And this is not something which you carry out whenever you want. It is actually a long term planning which started out right at the beginning when you started your business.

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