How to Price Your Product.
You’ve created a great product and now you’re putting together your sales page. You’ve got the attention grabbing headline, the benefit laden lead-in, lots of bullet points and a few testimonials, too.
Oh-oh… How do you tell them the price? WHEN do you tell them? Should you try to hide it inside the text? Should you place it up top? Should you not discuss price at all until they click the add to cart button and get to the next page?
Well, it depends. It depends on the value vs. price, on how targeted your prospects are, on the price point itself, on how the prospect got to your page, etc.
I’ll give you some helpful tips that will make the process easier for you.
1. Stop being scared to discuss your price. Pricing can be just as important to communicate in your marketing as the features and benefits. Instead of thinking of price as something to hide from your prospect, consider thinking of it as something to cover for the customer’s benefit. Don’t sell, explain by providing them with a simple explanation of your pricing. If you offer more than one price option, then offer materials that help your prospect make the right decision.
2. Know your timing. There are 2 times in the sales process when pricing is very important to the prospect. First, in the beginning as they are determining if they can afford you. The second time is of course right before they make a decision. This is the time they are weighing the cost vs. benefit of buying.
3. If they determine at the beginning that they cannot afford you, it’s not necessarily a bad thing. By weeding out those who are out of your price point range, you can focus exclusively on those who are. Also, if you have a low price point such as $7 or $27, letting the prospect know the price up front immediately puts them at ease and their defenses tend to drop dramatically.
4. When it comes time for them to make a decision, contrast the price with the value. If you can show them that the value far, far outweighs the price, you’ve made the sale. However, don’t make the mistake of thinking that simply placing a high price tag on product and then ‘discounting’ it is enough. You’ve got to show the actual value the customer will reap in their life. Show exactly how they will benefit and what they can expect to get out of the deal.
5. Answer their questions. They’ll want to know exactly what they’re getting and how they’re getting it. How many videos? How long are they? How many pages? Is it mailed to them? Do they download it? They also want to know if you stand behind your product. Is there a guarantee? A strong one or a weak one? And they’ll want to know if they can trust you. Who are you? What are your credentials or experience? Answering these questions will alleviate many of their fears.
6. Reassure them. “Congratulations, you made an excellent choice! You are so smart! And you got in at a lower price than we’ll ever offer again, you’re a genius!” Okay, so I’m laying it on a little thick there, but the point is to reaffirm that they are doing the right thing. Even stronger than telling them they’re smart is to SHOW them they are by including lots of testimonials and endorsements.
List companies or people who have purchased from you. Show customer case studies. Use social media comments about your product. Interlace testimonials throughout your entire sales copy and selling process, all the way from the beginning through to the download page.
7. Reaffirm they got a great deal. You might think that once the sale is made, pricing no longer matters. And it’s true that to many customers it doesn’t. But some customers will be telling themselves that they can always change their minds and get a refund. This is why you want to continue reaffirming what a great decision they made by sending them further case studies and testimonials, as well as tips on how to get the most out of your product.
Most important, deliver the goods so your customer experience the benefits of your product for themselves.
8. One more tip, and this is a BIG one: Send out a series of emails that entices them to get into and start using the product itself. For example: “I hope you’re loving Super Profit product. Did you notice on page 42 that I reveal a technique for generating $5 a second using nothing more than cute cat photos?”
You’ll notice this is very much like a teaser you might include in the sales letter, and it has one of two effects. It either entices the customer to use your product and thus to be happy with their purchase. Or if the customer is too busy to open and consume your product, it reminds them that they purchased a goldmine and reaffirms to them that they made the right decision.
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