Killing The Groupon Mentality: Asserting Your Value Through The Media
How many times have you heard someone say, “I had to get it because it was on sale.” From season clearance to the awaited Black Friday sales, everybody loves a steal. As consumers, nothing is more exhilarating than keeping both their bags and their wallets full. But as entrepreneurs, the only “cha-ching” sound you hear from the cash register is the sound of money lost. With all the discounts and coupons, it’s starting to feel more like a charity than a business. While you seem to be attracting more people, you’re barely scraping to meet your goals.
You’ve heard it all. “Oh, but I can buy it cheaper somewhere else,” they say, “I saw something on Groupon for half the price.”
You know why it hurts. Not only does it affect the bottom line, but it really cuts your ego. What they’re really saying is, “We don’t think it’s worth it.”
1. Assert your value or no one else will.
The world loves cheap. If you don’t know your own value, don’t expect someone else to show it for you. There’s a reason why most stores don’t have a pay-what-you-want (PWYW) pricing scheme. There’s a reason why honesty stores are so rare. If they could, most people would get everything for free or pay pennies for it. They’re not going to raise your value for you.
Pro tip: Have a tiered pricing system. This allows affordable options to those who want what you offer but can’t invest in the full package.
When I launched Baby Got Booked, I distilled over twenty years of experience as a journalist in easy to follow modules. I knew it was my client’s one-way to ticket to media exposure and exponential growth. It wasn’t like buying a pair of shoes that gets worn down and goes out of style. They were investing in something that would benefit them a hundred times over.
But I also knew small business owners, who would benefit the most, might be hesitant to pay for everything we offer. That’s why we have Basic, Pro and VIP pricing depending on their needs.
2. Don’t let the appetizer turn into the full course.
Okay, so what happens when you do decide to give out discounts or freebies? How do you do this without completely giving away the cow with the milk?
When I write articles for INC or Entrepreneur, I sometimes share tidbits that help my ideal clients. My passion for media stems from a desire to serve and empower people. So yes, there are things I share freely with others, and it’s only because I know there’s still a wealth of information the course offers.
Think about it. Nobody ever sits in a fancy restaurant and says, “No, thanks. I’m good with the free service water and breadsticks.” If they are, guess what? They’re not your ideal client in the first place. Consider it a dodged bullet.
Even when you’re giving away “freebies,” remember there’s always an exchange happening. Maybe it’s to get them on your mailing list, or maybe it’s to gain more exposure. Maybe it’s just to give them a taste of how great the rest of your products and services are.
3. Be a somebody.
Would you pay hundreds of dollars to hear your next door neighbor sing? Unless you happen to be in the same neighborhood as Beyonce, Taylor Swift or some other big time celebrity, probably not.
Check out your local bookstores, and tell me what you see on display. Books which are front and center always have words like “New York Times Best Seller” or “Oprah’s Book Club.” Why? Because something that’s recognized by the media must be good otherwise it’s not going to get noticed.
Of course, having great quality is a must, but you can’t deny the prestige that comes with being well known. Balenciaga can afford to sell something that looks like a 99-cent grocery bag for over $2,000 because of the brand.
Ads alone aren’t going to get you anywhere. If you want that credibility, you have to be published in a well-known and trusted source.
4. You really can have it all.
Like I said, everybody loves discounts, and that includes you. So you’re sitting here probably wondering, “Wait. What’s the catch?”
Here’s the good news. You don’t need to flush thousands of dollars on advertisements, and you especially don’t need to hire an expensive PR firm. They say it takes money to make money, but I say only if you spend it the right way.
Instead of being tied down to an ad agency or a PR firm, you can equip yourself with the knowledge and strategies needed for exponential growth. Investing in your own education means you get to reap the benefits for your business for as long as you live. Nobody can take it away from you.