Victory State Bank Asks: Should Businesses Offer Discounts?

STATEN ISLAND, N.Y. – Discount coupons and advertisements offering reduced prices abound on Staten Island and elsewhere. But are they really necessary for a business to successfully compete?

An article posted on Inc.com advises: “Don't Discount: Here's Why.”

The article suggests that you “Emphasize the virtues of your product or service, rather than the price. It will keep your competitors at bay, and your customers close.”

The posting continues:

“As business owners, we are often tempted to discount our product or service, thinking it will somehow win us customers and drive growth.  Customers are relentless about asking for discounts too, believing that getting something cheaper is better.  Whichever perspective you look at it from, discounting is not only dumb, it's dangerous. 

“Here's why:

“You'll cut corners. 

“Even if we try to look past it and keep our eyes on the far-off prize of increasing sales, the reality of discounts is that they require you to take a loss. …” READ MORE (http://www.inc.com/vanessa-merit-nornberg/why-small-businesses-should-not-discount.html) …

About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com . 

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