Unless yours is one of the (very) few businesses that doesn’t need to look for more customers or more work, you no doubt have some sort of plan or strategy in place to bring in new business. Whether it’s as formal a plan as a documented multi-media marketing campaign, or as informal as giving out a business card to someone that sounds like they’d be a potential client, we employ various tactics and strategies to try to create growth.

One common tactic that many businesses use, or think about using, is offering discounts. Whether it takes the form of a coupon, or a “sale”, or a “special” –  conventional wisdom suggests that a reduced price on an offering can attract a customer that otherwise wouldn’t be involved, and thereby lead to greater future sales.

As well, it’s also a usually-accepted business fundamental that long-term, satisfied, quality customers are essential to business sustenance and growth.

However, as co-related as these two concepts may seem, there’s also an often-overlooked risk involved with discounting that, in fact, may imperil customer acquisition, retention and growth.  The risks revolve around the possibility that discounts may attract customers only seeking discounts, and that both those potentially new customers – as well as your current ones – may see a discount as de-valuing your products, services or other offerings.

This article at Redfin, a real-estate-based company, relates a true “disaster” of a discount offered through Groupon. Perhaps the story here is not so much about the viability of Groupon (or possible lack thereof) but rather it raises some interesting questions regarding the value, timing and strategy of discounts in and of themselves. Some of the reader comments and counter-comments provide some valuable insights as well.

Discounting can be a valuable weapon in your marketing arsenal, but it’s definitely a double-edged sword and can do as much damage as good. Remember: your business is valuable, and value of your business is as important (if not more important) than the volume of your business.

Congratulations! You’ve taken the plunge and started your own business. You’re all set to hang your open sign. Be sure to take a moment to shout your accomplishment to the world and celebrate this exciting time in your life. We highly encourage you to share that excitement through a launch party. Chances are you didn’t come to where you are all by yourself. Hopefully, you had friends, family, mentors who encouraged you along the way. These people share your excitement – so gather them together and toast their support, your hard work, and the future of your new endeavor. Your celebration can be small and intimate or as elaborate as you like. It can be held at your office, your home, a friend’s office or home, a winery, a coffee shop, a club house. Invite by formal invitation, phone, or email:

Dear Friend,

I am excited to announce the launch of my new business XYZ, Incorporated. I couldn’t have done it without your support and the support of so many others. Please join me (date, time, location) to celebrate friendship, community and new adventures.

Warmest regards,
Me

A launch party is a great opportunity to appreciate your supporters and celebrate your journey. It’s a wonderful way to generate even more energy for your new business and reinforce to your supporters what your business is all about. It’s a terrifically reaffirming way to open your doors for business and feel oh-so-official.

When planning your launch party, here are a few things to consider:

• Make sure all your communications regarding the event are branded and professional. You want it to be apparent that you’re well-organized, prepared and confident right out of the starting gate.
• Prepare a short toast or speech for the event.
• Have information about your new business on hand at your party. Although the main goal here is not to market, your supporters WILL want to have your business card and brochure so they can continue their support.
• Provide a guest book for guest comments (and make room for email addresses). You’ll love reading and re-reading their words of support, admiration and encouragement, and you can make sure that you continue to communicate with everyone as you grow forward.
• Provide some kind of take-away for your guests. Again, you can make it as simple or elaborate as you wish. On the elaborate end:  branded journal and pen sets, with a handwritten note of thanks inside the journal. On the more simple side, a small box of fortune cookies with an “I’m lucky to know you” tag attached. Whatever you do, personalize it with some sort of thank you note – and brand it your logo, if possible.

Again, congrats! You’ve got a good thing going and lots of people pulling for you. Now, get out there and celebrate!