Overall approach: Offer a large discount for a limited time or for pre-payment
One easy and straightforward approach is simply to offer a slash in pricing, keeping everything the same. This will help with processes and teams and you are not left figuring out what concessions you made with who. When slashing prices you only want to do it for the duration of the crisis – that way you have a set date to return to normal.
For example, if schools are on lockdown, this will return to normal once schools are open again. The same for other closed down businesses like a restaurants.
This strategy was suggested by:
Billy Lawson of Creative Impact: Billy suggests 50% for the duration of the crisis. He allows suggests using the Pro-Bono Approach and Skinny Approach for vulnerable businesses.
Pasquale Nocito – After making sure clients are clear on the value of what they would be losing if they cancel, Pasquale explore charging half the payment and deferring the other half for 90 days once things get back to normal. “Or we’ll just integrate it into a monthly payment starting 90 days from now so their payment per month will be a little higher.” He also suggests offering a huge discounted rate if they pay in full. “Maybe 50% off because we could use the funds to. That way they don’t have to worry about it at all in the future not knowing what’s going on.”
Kevin Abrams – “We are offering a 60-day WCP discounted rate that is opt-in via a web form. By extending a helping hand, we are letting our customers know that we will discount their plan if you are in need. We ask them to please understand that our business is also going through challenging times (all our social media customers have canceled, with intent to return after this is over) and asking them to only opt-in if it is needed. I also ask them to refer us business if they know someone who can use our help, or to leave us a review.”
Chandler Weiner of Obsessive WP – “I’ve reduced our rate for custom development by ~66%. This goes hand-in-hand with getting people set up with online stores. The free ‘Developer Time’ given to all clients means that they don’t have to even pay for the first hour (or more) of our time!”