Tune Up Sign 2: Discounts

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The vast majority, if not all of your quotes and bids, include a discount on your standard rates, even in cases where a discount is not specifically requested.

What does this indicate?

If true, this may indicate that the value of the solution has not been adequately communicated to the client. It may also indicate hourly rates which are out of synch with competitors, have increased over the years faster than market rates or proposals and bids which have not clearly monetized the value or return on investment of the solution. It can also indicate a lack of belief in the firm’s capabilities or solutions.
Requests for discounts are inquiries into the value of the services that you provide. Caving in to the request before the underlying concerns have been identified and addressed simply reduces profits, erodes attorney morale and confirms to clients that your services are overvalued.

This is the second in a ten part series explaining signs that indicate that your firm or personal marketing program could use a tune up.

Tomorrow: What does low referral volume indicate?

As always, if I can help you fix the ‘kinks’ in your business development, give Eric a call at 502-693-4731. You’ll find that I am an eager resource and that it costs nothing to talk.

Topics:  Business Development, Marketing

Published In: Firm Marketing Updates, Professional Practice Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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