Lead Generation Marketing: When to reduce prices, and… part 2 of Free marketing course on video
I’ve had a number of comments on the 7-part marketing and copywriting video course that started yesterday. If you want to watch the videos, then watch them here.
Your first video, on how to charge high prices, will be sent to you immediately.
And the following 2 videos, which shatter some conventional myths about guarantees… and also give you 8 secrets to “positioning” yourself at the top of your marketplace, will follow shortly after.
Today let’s talk about when you should lower your prices, and WHY you should lower them.
Most people think they want to lower their prices to sell more. So they run a sale. And… sometimes this works, but… sometimes it doesn’t.
However, one of the best times to lower your prices isn’t to run a sale, it’s to get new customers.
For example, some time in the last few days, we received a package of pet supplies in the mail. We have dogs, cats, and my daughter even has a little hamster, so we’re good buyers for these companies to target.
Now before we get to the meat here, let me tell you that one of the best times to sell someone something, is when they’ve just ordered something from you. Which is why, when we ship out our own products, we always include inserts in there, so customers can order other goods and services after they’ve see how we MORE than make good on our promises.
Remember, the first sale is the hardest — if you deliver on this, your customers are MUCH more receptive to buy from you again.
Anyway, back to the pet supplies story…
So this insert in the package has a line item on it that says something like, “If you can’t brush your dogs teeth, this formula will get them clean right away.”
Then, underneath it had the price listed at let’s say $11.99.
I’m not going to talk about the copy because it was awful, but that’s not my point here. My point is pricing, so stay with me on this.
The problem is, response to an offer like this is going to be low, because there’s no incentive to take action.
However, if they’d have said something like:
Normally $19.99, Now Only $11.99. Or, order two and and get them both for only $19.99! (And save $20)
Now the ball game’s a little different.
Now, your perception is that you’ve been presented with a hell of a bargain, and you’d better act quickly to take advantage of it.
And if you added a time deadline to this, it would work even better.
This is much more compelling, isn’t it?
See, the purpose of lowering, or creating the perception that you’ve lowered your prices, isn’t to sell something — it’s to create scarcity. And scarcity compels your buyers to take action faster than perhaps anything else.
Now go sell something, Craig Garber
P.S. We just received this e-mail yesterday, from Colin Morgan, an IT consultant out of Hampshire, UK: Hi Craig,
I’ve been in business since 1991 (I started out in the last nasty UK recession) and have invested in many marketing courses, which whether down to me or otherwise were a less than a sucess, c’est la vie :) Your “How To Make Maximum Money With Minimum Customers” is an eye opener and I think that you are the most talented and believable copywriter & marketer I’ve come across to date, truly congruent.
Keep up the good work. Col
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