If you’re not selling enough now at current prices, charge more. In fact, double the price. This isn’t just based on the theory that the more you charge, the more that people think it’s worth. Instead, the idea is to get you thinking about value, not price.
You see, matching prices is a fool’s game, especially on the Internet where a lower-priced competitor is but a click away, and a comparison shopping robot is even closer.
So you’ve got to distinguish yourself using something more than price. And the answer is value.
For example, if you’ve got something priced at $50, double it – and charge $100. Then ask, what you would have to do to make them think that $100 is a bargain-basement price that they’d have to be stupid not to pay.
You see, when you start thinking that way, you’re thinking about value, not price.
So stop selling a $25 book, and start selling a $100 package that includes the $25 book, a $50 follow-up workbook, a $150 ticket to a forthcoming event, and a $500 certificate for a phone consultation.
Is that worth $100? Yes, provided that all the bonuses are really of value to the customer. If they are, then it’s a no-brainer decision, and price doesn’t really come into it.
Here are three other things that you can do …
1. Use testimonials
A simple benefit-oriented testimonial from a past customer is worth a thousand words of hype from you.
By benefit-oriented, I mean something that’s more than just “Oh, wow! I just love you guys”. That sort of testimonial is nice, but it doesn’t necessarily match a prospective customer’s requirements (unless that reaction is an important part of what you’re selling).
2. Give a long guarantee
You should give a guarantee, it should be as long as possible, and you should not have any weasel words in it to allow yourself to wriggle out of it. The stronger the guarantee, the easier it is to convince customers to buy.
3. Make it scarce
Make your products scarce, and promote that scarcity. Perhaps you’re getting rid of old stock to make way for new. Perhaps you’ve got limited seating to an event. Perhaps you’re looking for early bookings to secure a venue. Perhaps the manufacturer goofed and sent you a palette of slightly damaged stock. Perhaps your grand-uncle died and left you a valuable art collection. Perhaps you’re starting a new membership club and you’re offering a limited amount of “foundation memberships”.
Whatever you can do to add a bit of scarcity to your product or service offering, do it.