How to Use Discounts the Smart Way

August 4, 2008

Could you actually increase your income as a copywriter by discounting your services?

Maybe…

Today’s issue will give you some ideas about how to make it happen for you. Plus, you’ll get another gem from the furniture retailing world that you can apply to your business starting today.

Discounts Suck… or Do They?

When I was getting started as a copywriter, there were a few very vocal copywriters on the scene who went around pounding their chests telling people they NEVER discounted their services.

I made the mistake of listening to them and never offered a discount for my services.

I was “too good” for that.

And plus, should you really have to offer a discount if your marketing is good enough to attract high quality prospects?

That’s what all the marketing experts will tell you.

But in my experience, it’s not nearly so black and white.

I’ve found that using discounts in a smart way can produce a huge boost for your business. And it all has to do with a very important 8 letter word.

How to Get the Money Fast

That word is C-A-S-H-F-L-O-W…

In my experience, the only thing worse than not making a nice income as a copywriter is booking a ton of business but not actually having the money in your pocket.

That really stinks.

After all, you can’t buy food with money coming later…

You can’t make house payments either…

And that’s why it’s become my mantra that “every day you wait to get payment in full from your client increases the chances that it will never happen.”

And THAT’S the reason you offer a discount for your services.

Now those same chest pounding copywriters will probably tell you that you should ALWAYS get payment in full… upfront… before you begin any work.

Have you tried that recently?

Sometimes it works fine… sometimes it doesn’t.

Now I don’t know about you, but I don’t really have the luxury of a big reputation and ego that brings clients to my door with eyes glazed over… willing to pay me whatever it takes to work with me.

I’m not a rock star and have no intention of becoming one. I DO have an intention of building a stable business that doesn’t fizzle out after people begin to see past the “rock-star” front.

So here’s how to increase your chances of getting full payment in advance:

Reward your client for doing it.

Which is more valuable to your business? A $13,500 project payable over three months… or a $13,500 project with a 10% discount for payment in advance?

I know which one I take each and every time.

The GOB Technique

I had a client once in the furniture business.

In that world, there are companies that do nothing more than travel from city to city staging “Going Out of Business” sales for furniture retailers.

They come in and create a BUNCH of hoopla (with cars driving around the city, signs everywhere, a lot of marketing noise, etc.) and announce the Big Going Out of Business Sale at Furniture Retailer X. They invite everyone over for unbelievable savings, yada, yada, yada…

Oh yeah, and they often inflate the prices of the merchandise so that the unbelievable “discount” they offer is little more than a marketing gimmick.

So how can you apply this technique to your copywriting business in a way that you can still sleep at night?

Well, I’m not suggesting you inflate your prices simply to offer a discount to your prospects and clients.

That’s pretty transparent and not a good long term strategy at all.

But I AM suggesting you inflate the value of the services you provide by actually delivering MORE value to your client and charging accordingly.

We’re selling intangible stuff here as a copywriter. Sure, there are words on a page. But the main thing we’re selling is ideas.

And just because your client ASKS for a salesletter doesn’t mean that’s what you have to sell them. After all, is the salesletter really all they want?

Of course not…

They want what they think the salesletter will create for them.

And that is sales, revenue and growth.

So how many other ways can you help them get to their real goal?

There are a TON of ways. And the only limit is your creativity.

That’s why you should be offering OPTIONS in the proposals you create for your prospects.

It’s a quick and powerful way to give yourself a raise AND help your clients.