My Product Pricing Strategy That Gets People To Buy FAST
This episode is going to reveal a very juicy product pricing strategy that has helped me get people to pull out their credit card to purchase FAST and on the spot.
I learned this strategy back in 2017 after I struggled to get people to continually buy a product that I created after the launch was over.
So, If you’ve either heard crickets after a product launch, not getting enough sales, or you’re just really tired of people saying “I’ll think about it” - this episode is for you!
This is a strategy I wish I would have known sooner because it would have saved me a ton of time and made me a lot more money.
Let’s dive in!
With every episode of Tanya Aliza TV, I like to empower you with a POWERFUL free resource that goes with the episode which you can implement right away to create some of the same results, if not better, in your entrepreneurial ventures.
This week, since we are talking about a strategy in pricing your products and services, I put together a guide called How to Price Your Products For Maximum Sales and Profits so you can be on point with your pricing.
After going through this guide you will be able to determine the best pricing for your products and services.
You can download it right away by clicking below.
Episode #255 My Product Pricing Strategy That Gets People To Buy FAST
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How to Price Your Products.
Designed to provide expert guidance on setting prices that attract customers and maximize profitability, ensuring your business thrives in competitive markets.
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My Product Pricing Strategy - The Influence of Scarcity
The strategy we are about to talk about requires a general understanding of how people make decisions and a book I recommend that covers this is called “The Psychology of Influence” by Robert Cialdini and it discusses all of the ways you can influence people through the six kinds of human influential triggers.
This is because you are always selling yourself and your ideas.
So, this is a book I read at least once a year to get realigned with everything and it's something that you have to read and you have to go through as well. It’s that powerful.
Product Pricing Strategy - My First Successful Product Launch
Back in 2014, I had my very first product launch and it was successful. We had $250,000 in revenue for a 10-day launch.
It was huge and I believed people were loving my program. However, after the influx of sales, we had no one buying - and all we heard were *crickets*.
What typically happens during a product launch and why it’s usually successful, is because of the open date and the cart close date.
There is always a short window of opportunity for your customers to buy whatever it is you are selling.
A product launch, therefore, has a whole bunch of scarcity invoked in it so customers usually take action.
But what happens when you re-release the product and the scarcity is completely taken away? They start feeling that they can always “come back to buy”.
What happens when your customer procrastinates?
- There is no urgency incentive
- They never take action and lose sales
Instead of having to relaunch a new product over and over again, what I discovered is you can simulate a launch instead.
How did I manage to simulate a launch? It’s through an evergreen funnel.
I have set up my evergreen funnel webinar style. I teach potential customers some relevant and beneficial information then make an offer on the back end.
Here are the two pricing strategies I have incorporated into my evergreen funnel:
Regular and special pricing
An evergreen funnel allows people who have never seen your offer before to come in and see your offer for the very first time.
What they see is special pricing only available to those coming in fresh.
A short window of opportunity to buy.
We sweeten the pot intently.
I typically have two sales/offer pages that show the regular price and bonuses and another with the special price and special bonuses. The latter goes away after a certain period and they will only be able to see the regular sales/offer pages and purchase from there.
Potential customers will have to make a decision right between that timeframe, if they want to get the special price and bonuses.
How does this work? This strategy makes people buy faster because of the law of scarcity:
- Limited time offer
- Limited pricing
- Limited bonuses
So think about what you’re selling and how you can invoke the same sort of model in your world.
If you do you’ll get more people buying your courses, your online coaching programs, products, and services faster than ever before.
Product Pricing Strategy - In Closing
I hope this episode helped show you how scarcity marketing can get your potential customers to take action instead of procrastinating.
Just remember, to introduce scarcity in your process you can always offer regular and special pricing as well as a short window of opportunity to buy the product.
I often get asked how I price my products and that’s why I put together the following guide for you How to Price Your Products For Maximum Sales and Profits to make sure you are equipped with a free resource that will help you come up with a really nice number to price your products and services for maximum sales and profits.
Resources & Links Mentioned:
The Revenue Multiplier Masterclass | Free Online Training Class Happening Now - How I'm Attracting Perfect Prospects & Teammates Everyday, That WANT To Sign Up With Me… All On Autopilot, Using An Unconventional Digital Marketing Strategy That I Know You'll Be So Excited To See & Use In Your Business!
Mailbox Power | I use Mailbox Power to send all our cards and gifts. With Mailbox Power, you can effortlessly create and schedule campaigns that deliver cards and gifts to your clients right when they matter most.
Book | Stories That Stick | How Storytelling Can Captivate Customers, Influence Audiences, and Transform Your Business.
Done 4 You Brand Services | We build and design marketing funnels, websites/blogs, logos, brand boards, social media brand assets and more!
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