Posted by New marketers almost invariably charge too little.
I don’t know if it’s because they lack confidence in themselves, their products or their market, and maybe the reason why doesn’t even matter.
What does matter is this: You want to help as many customers as possible while making as much money as possible, am I right?
Can I get an Amen? I always wanted to say that. 😊
“But if I increase prices, sales will go down!”
That’s what they tell you in economics 101. And I think it’s nonsense.
Let’s say your flagship product sells for $197. It’s a complete course on how to get an awesome result, and it comes with a month’s worth of email coaching.
Sales are brisk – too brisk. You can barely keep up with the email requests from customers who need coaching.
Here’s what you do: Announce you’re raising your price significantly. In this case, you might raise it to $297 or even $397.
Tell your list this price raise will be coming in “X” number of days.
Remind them daily that it is coming and be sure to tell them you’re doing this because the product is so popular, and people are getting such great results that you can barely keep up with all the email coaching you’re doing.
And you want to be able to give every single client all the help they need to be super successful, too.
I guarantee you will be flooded with sales during this time.
When the date comes to raise the price, RAISE IT.
None of this, “We had a glitch and people couldn’t get in so we extended the time to get the lower price” stuff, especially if you’re in the IM niche because EVERYONE knows the game and you do not want to lose credibility.
Continue selling your program at the higher price point. Yes, you may get a few less sales, or maybe not. Remember, people equate value with price. When you charge more, people think your program is more valuable and their desire for it increases.
Periodically, when you have a good reason for a sale, have one. Let’s say you increased your price from $197 to $397. Have a $100 off sale because (insert reason here). People who have been on the fence will jump in and grab the course. Sure, you’re still charging $100 more than you used to, and yet sales will go through the roof when you have these sales 2 or 3 times per year.
Do this with all of your products that are currently selling well. If your product isn’t selling well, hone your sales funnel until it is, get lots of good testimonials as to how well your product works, and then RAISE the price using the above method.
I’ve seen marketers DOUBLE their annual income using this method because it flat out works.