5 Tips for Coaching Institute Owners to Avoid the ‘Discount Trap’

1. Don’t say ‘YES’ or ‘NO’ at the 1st meeting:

We as coaching institute owners usually immediately respond negatively with a strong NO and block any further discussions.
Instead, you might want to hear the student or guardian as you never know the student or guardian might have a genuine clarification.

2. Be clear and precise and repeat to confirm clarity of understanding:

In most cases, I’ve noticed that we just go on explaining things in a broader perspective and we take time to get to the point. In some cases, the student or parent gets confused and hit the panic button and get a feeling that they’re paying more, resulting in them asking for discounts. Be clear and crisp in what you say and most importantly, repeat to establish clarity. That way you can avoid situations, stating you had told me earlier but now it is different.

3. Talk internally with your partner/staff to ensure everyone is on the same understanding:

This happens in most cases, where two different people attend a particular student or guardian. In such instances, it’s good to be on the same clarity in terms of the fee or package and not commit without clarity. This way an unnecessary discount waiver can be avoided. Once something is confirmed to the student or guardian, It is very difficult to go back on our word and even if we do, it would turn out to be a very awkward situation.

4. Strictly Avoid telephonic confirmations:

Be very mindful to avoid conversations about fees and packages over the phone. It is best to engage in a face to face discussion. This will help in multiple ways as a perception made when they see your institute might be different and establishes a personal connect making it easier for you to explain why the charges are fixed at that particular amount set by you.
Moreover, telephonic confirmations lead to confusions and unnecessary misunderstandings internally and externally. The last thing you need is a probable new guardian or student walking out dejected.

5. Be empathetic, not Sympathetic:

This is a very, very important aspect we should keep in mind because sometimes most of us get caught up in emotional conversations. Remember to be empathetic but stick to the course fee that you have predefined. You can probably allow a staggered instalment payment, rather than writing it off completely.

Trust me we all have emotional ups and downs, but when we run a business it is important to maintain a balance in our thoughts and decisions.

What are your best practices before giving out discounts? I’d love to hear your thoughts in the comments!