Sell More Big Ticket Items With This Bit Of Pricing Psychology
Good Wednesday,
A quick story that I think will be worth your time if you sell big ticket
items. Recently, I worked with a client of mine, l.c., to improve the sales of
a product with a somewhat high sticker price (it was a series of
webinars costing about 100 bucks).
What I suggested was this. Would the client consider offering just the first webinar in the series for a low trial price and let that be the focus of the advertising?
"Sure, let's try", said the client.
"Well that's nothing earth-shattering, Jeremy," you may be thinking.
Ah but wait!
Not only did we sell more trials, but the sales of the full price item
also went up. In fact, the majority of buyers bypassed the trial altogether and made a beeline straight to the full price item.
I'm not sure I can explain the psychology behind that (I have a few
ideas) but what I know is that it works.
Might be worth testing yourself. If you can't do a trial, can you do a lower cost, stripped down version of your product? There's a number of ways to apply this bit of pricing strategy to your business.
Your thoughts are welcome,
Jeremy
P.S. I've noticed the same thing in my copywriting business. One time, I advertised a low priced 'mini' sales letter, and didn't talk about the full priced version till the very end of the ad. Results? Nearly every single person opted for the full priced letter.
Huh, what'd ya know about that?
A quick story that I think will be worth your time if you sell big ticket
items. Recently, I worked with a client of mine, l.c., to improve the sales of
a product with a somewhat high sticker price (it was a series of
webinars costing about 100 bucks).
What I suggested was this. Would the client consider offering just the first webinar in the series for a low trial price and let that be the focus of the advertising?
"Sure, let's try", said the client.
"Well that's nothing earth-shattering, Jeremy," you may be thinking.
Ah but wait!
Not only did we sell more trials, but the sales of the full price item
also went up. In fact, the majority of buyers bypassed the trial altogether and made a beeline straight to the full price item.
I'm not sure I can explain the psychology behind that (I have a few
ideas) but what I know is that it works.
Might be worth testing yourself. If you can't do a trial, can you do a lower cost, stripped down version of your product? There's a number of ways to apply this bit of pricing strategy to your business.
Your thoughts are welcome,
Jeremy
P.S. I've noticed the same thing in my copywriting business. One time, I advertised a low priced 'mini' sales letter, and didn't talk about the full priced version till the very end of the ad. Results? Nearly every single person opted for the full priced letter.
Huh, what'd ya know about that?
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