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Mark Wickersham (UK): The Power of Price Psychology How is Mark’s view applicable to IM?
It you sell high-ticket items, such as
courses, over $1,000, you can keep the price hidden,
invite potential buyers to a phone
interview, learn about their
circumstances and set your price to the maximum they can bear. A limited number of buyers
will not find out that they have been charged more (or less) than others. I have been through 3 of such
interviews. I am happy with the courses chosen and the price
I paid, though I do not know whether
I could have negotiated a better price. Also, if you buy a product and pay
monthly, the premium you pay over the one-off price is not published, I never take the monthly price, due to
the premium. Over to Mark Wickersham (UK):
please, please, please
don’t reveal your headline price. I can assure you it’s an incredibly
powerful concept that will get you much, much higher prices with much less price resistance too.
So, what is your headline price?
Very simply, your headline price is the
total price. I can probably best explain the concept by telling you about an experiment done some years ago by Ryan Deis, one of the world’s leading Internet marketers. Ryan decided to sell one of his
products at $197 and found he sold 340, which generated him just over $66,000. He decided to find out
what would happen if, rather than $197, he asked for two payments of $97. (It’s not quite the same price but, at $194, I think you’ll agree it’s pretty close.) Do the math
What he found was staggering. His sales
increased from 340 to 977, and his total revenue from $66,000 to nearly $190,000. I think you’ll agree that
that’s already a staggering result, but then something even more amazing took place. Ryan thought, “That’s
interesting. What if I offer the same product, but rather than two payments of 97, I make it three?” As an accounting professional you’ll
instantly recognise that’s the equivalent of a 50% increase in price, and logic suggests sales would plummet. But – and this is the truly staggering
part – they actually went up slightly. Not by much, but overall – between the
first situation and the third – sales increased by nearly four-and-a-half times. The interesting thing we can learn from
this is that it shows people focus on the $97, not the math – which would tell them that 3 x $97 is $291. Most people simply don’t do the math though. They look at the $97 and make their
buying decision based on that. Use Cloud Pricing software to break
prices down That’s why my Cloud Pricing software
gives you the ability to express the price as a smaller number. And why, for example, I would strongly recommend you
price your annual financial statements or bookkeeping as an amount per month. Never, ever reveal the headline price.
You’ll get a much, much better price
when you chunk it down to a smaller number. You can learn more about why you should
never reveal your headline price by watching this: The Power of Price Psychology
Check it out NOW! In case you missed this: (More of Mark!)
Better pricing = higher profits
If you have a service business, you can
earn much more from this series. Also, Mark runs a programme called
Price Consulting, and he teaches
accountants/bookkeepers how to help their customers with their pricing. Thank you for the positive response to
posts on this topic and the action taken. Please tell your friends!
Those links again:
Effective Pricing for Accountants (book)
Monthly Mentoring
The complete guide to menu pricing – NEW!
(video training programme) How to build a successful bookkeeping
business (book) How to build a successful bookkeeping
business (video training programme) The Value Pricing System
Grab them NOW and claim the true income
that you earn!
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