Top Pricing Tactics - Part 3

Marketing Psychology Masterclass The Psychology Of Pricing
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Transcript

Let's continue with some minor pricing tactics. The first one is to avoid talking about money. Here is the thing people love to buy, but people hate to be sold. Instead talk about an investment. Let me give you an example. Once you make your investment, you're good to go.

You gain an instant unlimited lifetime access to the premium training program and all the bonuses, you will get 100% of the content when you enroll today. See, it's one thing to say once you buy my program, you're good to go and quite another. Once you make your investment you're good to go. You will get 100% of the content when you enroll today. Basically what I am saying is you will get 100% of the content when you buy today. I'm talking about investment in enrollment.

Many companies are using this tactic including Udemy you You've noticed the name of the Buy Now button is taking this course. It's more subtle, and we don't associate it with spending money that much. The second tactic I want to discuss with you is all about how you ask for money. Some people are afraid to ask for money in when they sell a high end product or, in fact, any product, they often come up with stupid justifications about the price. They are afraid to ask for money. A great advice I learned from Jeff Walker was this sell from power, don't sell from your heels.

And this is a great mindset to have. The only prerequisite here is to have a great product, a product of outstanding quality. And I'm glad to know that we are on the same page when we talk about quality. You can sell from power because you know you're confident what your product could do for your prospects. The third tactic, the other day, I and my wife went to a chain store called jumbo. It's a big store primarily for toys, but you can find a lot of products for your home.

Even if you don't need anything. If you go there, chances are you will buy at least a few items. My marketing, I instantaneously support that all prices in the store no exception. And with the magic number nine, I said, that's a great way to make my point. I'll take some pictures here. It has been proven that prices ending in nine are perceived much lower than they really are.

What's really interesting is that there was a study, which showed that prices ending in nine were able to outsell even lower prices for the same product. customers were given two options option number one, the product was $60 and now is 45. Option number two, the product was $16 and now is 49. Oddly enough, the price ending in nine outsold the price ending in five. Regardless of the fact it was the more expensive one. This for sure is not a new discovery.

In fact, it's an old timer, but it works today as well, so you might consider it. In the internet marketing world, however, prices ending in number seven are used more frequently then prices ending in number nine, even my premium program cost 497. And honestly, there isn't that much psychology behind the number seven, I can say that we do it more because of a habit. And we as marketers and customers are trained to see digital products ending in seven. Quite often marketers would price their product lines in such a manner 747 97 197 etc. But really, that's not a place where you need to focus that much.

All right, let's recap. Avoid talking about money talk about an investment. Number two, don't be shy to ask for money. So from power sell with confidence. Number three prices ending in nine are perceived lower than they really are. $99 sounds a lot better to your prospects than $100.

Thank you for watching and stay purposeful

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