Updated for 2021:
One of the things we look at in this High Ticket Sales Made Simple course is the importance of pricing…
Watch the top marketers and you’ll see that they are continuously making adjustments, tweaks, and tests of the prices for their products. Just the way your product is important and the whole marketing process is vital, even your price plays a big role in increasing and decreasing the conversion rate. In order to identify the best price for your product, there are a few things that you should keep in mind. Get your price right from the start with these three simple but highly effective tips.
1. One of the simplest solutions is to market the product for high-end sales as an exclusive product.
People are willing to pay more if they believe it puts them in a more exclusive group. People in the higher end crowds don’t have a problem paying a higher price as long as the product is exclusive. You could also offer two different versions of your product – one that is packed with special features and bonuses for substantially more and one that offers fewer features at a significant savings. Everybody wants to be treated in a special way, and by doing this, you’re bringing this strong emotion out from people that actually have the money to pay. This is one psychological trigger that the people within your target market will find difficult to resist. This isn’t a one size fits all solution but it will work quite often.
2. Does your product offer more value, better features or extra benefits over your competition?
If yes, you can legitimately charge higher prices than theirs because you’re able to deliver the extra value. This allows you to stand out from the competition and at the same time, it makes it easy for you to show your prospects that what you’re charging is justified because you’re giving more than anyone else. Any customer interested in your products will be happy to pay out more money in order to receive higher quality.
3. Lastly, be sure to watch your competition for any specials or promotional offers they release.
This gives you a chance to tweak your own offer to make sure yours is a better deal. When you stay up to date with your competitors you can keep up with what strategies they’re employing to keep business afloat. The object of this is to use their strategy to find ways to bring more exposure to your own product. Don’t ignore this tip, as you could be giving your competition an edge over you, so work on providing better quality than they can.
In summary, your pricing model will depend on multiple factors and the advice in this article are just the tip of the iceberg. You’ll see far more sales and a greater level of success if you can offer great service, good value and really show them that the price you’re charging is justified.