Small Business Marketing: 3 Ways to use premiums to charge higher prices
One of the first lessons I learned, early on in my career, is… charging higher prices isn’t a problem.
See, most people don’t have a problem spending money as long as they see value in their investment. Which means JUSTIFYING your higher prices is the problem, not charging them in the first place.
Of course there are a few cheapos who will never spend even one thin dime with you, or who are always trying to put the screws to you… but those are people who you don’t waste your time thinking about. You really don’t want these people as customers.
They are toxic to your business and not worthy of your mental shelf-space.
Unfortunately though, what most people do, instead of trying to justify their higher prices with better creativity, salesmanship and marketing… is they lower their prices and stick with inferior marketing.
I’d rather go with superior marketing and higher prices, if you ask me, but maybe I’m just different.
Anyway, here are three ways to use premiums to charge (and collect) higher prices. (I spend a LOT of time discussing this inside my book, in Chapter 2, “How To Make A HUGE Net Income”)
1. The easiest premium to use is information.
Why? Because it’s low cost and delivers a high value.
Adding GOOD information to virtually any good or service you sell, increases its value, dramatically.
2. More good news: In the old days, “information” meant books, reports, newsletters, and other print media.
Today, however, there is virtually NO limit on the type of media you can use and the ease and convenience of your delivery of them.
Audio CD recordings… online audio or video recordings… DVDs… e-books… in-person workshops or courses you recorded… online courses you are teaching… public domain books… in person workshops you’ll be hosting… online workshops you’ll be hosting… teleseminars… webinars… the list is virtually endless.
And frankly, the more involved you can get your buyers with the media you’re using… the higher the perceived value of the premium.
3. Lastly, when you’re using premiums, make SURE you’re offering a premium that compliments what you’re selling, and make sure it delivers high quality.
The premium doesn’t have to be directly related, but it should be something that enhances your buyers experience.
In fact, the best premiums are those items your buyers want almost as much as, or even more than, they want your core product.
And never EVER include a worthless premium — one that your friend lets you use because you’re too lazy to make one or too cheap to have one made for you. Nothing ruins your buyer’s experience and their perception of you, more than “disappointment.”
Remember, this is a relationship you’re entering. And disappointment… in ANY relationship… is never healthy.
Now go sell something, Craig Garber
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