How To Get More People To Buy And At Higher Prices

Well if price isn't the "Tipping Point" then more often than not it becomes "Buyer Confidence" meaning do they trust you.

This had better not turn into another 6 page guess the 2 words thing - well maybe it should that one turned out very well for me actually.

In bygone days, I sold outdoor lighted signs. The kind that
many businesses still use today. While other salespeople in
the company focused on price, I focused on the element that
you're referring to here.

Thus, I could sell a sign for 4 to 5 times the price that the
other salespeople were offering. It was the same sign. The only
difference was in our approach.

It's the chief difference between amateur and professional salespeople.

Ron

Perceived value. Off the top of my head, I can't remember the name of the company, but I remember reading that this well-known and well-branded company was selling vodka or some other type of alcoholic drink and they decided to lower the price in an attempt to increase sales. But instead of increasing sales, their sales actually dropped, dramatically. When they increased the price to it's "normal" level, sales increased as well.

The reason they found for this strange occurance was perception. The people who bought this particular brand did so because it was #1 (most expensive) in a list of "top" alcoholic drinks. But, when they lowered the price, it dropped from #1 to #5 and people didn't want to drink the 5th most expensive drink, they wanted the #1 drink. Apparently, buying the most expensive drink for their friends, colleagues or business prospects gave the buyer credibility in the eyes of others. They didn't want to be seen as "cheap".

Perhaps, this is why those who sell information products, should consider their price carefully. A $7 WSO may be great and affordable, but is it as good as a $47 WSO? Some people will naturally assume the higher priced item has more value simply because it is more expensive. Something to think about.

Same as savidge. Just confidence in the salesperson.

How to get more people to buy at higher prices?

Raise your prices.

I'd say it's the Price shock flexibility. If you want to charge more, you'll lose the customers who want to pay less (which is good), and you'll gain the customers who want more. In The Personal MBA, the author explains that people will buy a luxury car BECAUSE IT'S EXPENSIVE.

in the book marketing to the affluent, the author points out that if a person owns 9 boats and 1 home, this person will probably not buy a home. The odds are 9 to 1, yet some people still insist on selling a rich person another home.
this could be the other reason why people buy expensive things. People generally have one or two things they want to have regardless of price. I've heard of people owning bmws but driving an extra 5 miles to get day old bread for free. They're willing to pay extra for that luxury car, so people will see them as special.

another possibility is one that I employ in my business. I call it the commitment price. for example, there are ten products equally similar to mine, and my customer could buy all 10, but if I charge 10 times what the others offer, then he has to focus on my product. The value of my product goes up more than 10 times because the product he purchased from me carries the wheight of his decision, and not having money means he cannot buy the others, so he justifies his decision.

a warning if you're going to try charging the commitment price. Offer a money back guarantee, and listen closely to customer specifications. The only solid business advice comes from people who've done what you want to do, and from clients who discontinue service to work with another company. Start with the market price, and learn customer specifications first before you charge the commitment price. Then offer the money back guarantee.

Indeed it is dying and has been for a year or so. Maybe we should talk about why it's been dying.

When you start discounting...Believability and Credibility is lost. If they don't buy after the "original" or the "higher" price then you have not shown them the Value of what you're offering.

I so far am enjoying this thread but would like to point out that there is a HUGE difference between certainty and guarantee.

Certainties fall in the category of "Feelings", while Guarantees fall into the category of "Facts"

"Delivered in 30 minutes or it is free" is a guarantee....if it is not there in 30 mins there is a consequence.
"We will get it to you in 30 minutes" is a certainty...there is no consequence, so they might feel certain that they can get it to you in 30 minutes but if not, no harm no foul please.

Both of these companies my have marketing that points to things around delivery in 30 minutes but the Guarantee holds a lot more weight than just the Certainty. But that does not mean a company can not spin and twist a certainty into something that the customer perceives as a Guarantee....but that is bending the truth and playing on the ignorance of the customer.

In the initial examples, the Pizza and Blue Blockers are Certainties because there is no outcome or result if there is failure to meet the requirements. All the rest are actually Guarantees with a clear factual, expected result and an outcome if that result is not met.

Also, it may have increased overall sales, return customer acquisition, acquisition of competition customers, etc but there is no proof that it helped these businesses increase their price point by adding these certainties or guarantees.

In actual fact, Blue Blockers have always been at the lower end of the scale for band name sunglasses in terms of price. $50 for a set of their sunglasses, while a company like Arnette easily sells for 2-3 times that amount with a simple "Warranty" that is 1-2 years of purchase depending on the country you are in.

I completely agree that adding Certainties and Guarantees to ones products/services can easily put you head and shoulders above your competitors but I would much rather see a thread in regards to this without examples that are pulled from the tag lines of companies with no empirical evidence towards the point that is trying to be made. Also, your headline made mention of "Getting More People to Buy", which I completely agree with in terms of Certainties and Guarantees but there is ALOT more that goes into pricing or increasing pricing than Certainties and Guarantee, which play a very very small part in setting a price higher or lower.