The discounting trap: why undervaluing your work backfires

Discounting is a terrible business strategy. There I said it. Now let me prove it. Many small business owners, especially service providers, fall into the trap of discounting because they lack strong marketing. But discounting should be a deliberate strategy—not a crutch.In this episode of Got Marketing?, we’re unpacking why discounting is not the move, why it attracts the wrong customers, and how pricing can be used as a powerful positioning tool instead.If you’ve ever considered slashing your prices to attract new customers, this episode is your sign to stop and rethink your approach.🎧 Enjoy the episode, and if you have thoughts to share, leave an honest review. As a thank you, we’re giving away a copy of How Brands Grow by Byron Sharp—one person who leaves a review in March will be randomly selected.   What you’ll learn in this episode: ✨ Why discounting keeps you broke and attracts the wrong customers ✨ How pricing influences perception (and why underpricing signals low value) ✨ The hidden costs of discounts—and why they don’t build loyalty ✨ What to do instead of discounting to attract the right customers ✨ The ethical way to offer incentives without cheapening your brand Segments in this episode: The Big Swing: Australian brand TWOOBS takes a bold stand against discounting. Instead of slashing prices during Black Friday, they use their marketing to challenge consumerism and reinforce their value. We break down their strategy and what you can learn from it. Making Waves: Substack is on the rise as experts move away from social media to build direct connections with their audience. We explore why this shift matters for small business owners. Source of Truth: Doing your research is non-negotiable. A personal story on how skipping due diligence led to a costly mistake—plus, a must-read guide on spotting red flags before you invest in a guru.   Mentioned in this episode:How Brands Grow by Byron Sharp Ehrenberg-Bass Institute for Marketing Science Twoobs Substack Fiona Johnston: How not to get ripped off   Ps. Ripple Festival early bird tickets will run out March 31st. Ripple Festival is a two-day celebration of small business, creativity, and purpose. Nov 12 & 13, Grazeland, Melbourne. Ripple Festival is where music, art, comedy, and small business collide. Because creativity isn’t just for artists, and strategy isn’t just for boardrooms. Tickets are on sale now (payment plan available) Visit RippleFestival.au for details We are beyond excited. Ask me anything We will have dedicated episodes where Mia answers your questions. Submit questions here: Got Marketing Podcast Subscribe to the Substack Exclusive insights & behind-the-scenes extras: gotmarketing.substack.com   Connect with Mia on LinkedIn Follow got marketing? on Instagram Give us feedback Marketing Circle    Download the Focus Framework to learn where to focus your marketing efforts based on your stage of business, individually for product and service-based brands. https://zencastr.com/?via=mia