Pricing Strategies to Increase Your Sales

How can you price your product in a way that psychologically impacts your customer into believing they’re getting a great deal? When people see the difference, between your normal price and your sales price, it influences their decision to purchase. By having a “normal” price listed it creates the impression that the deal they are getting is awesome. They’re getting all this value at a price that is way less than “normal”. People love to believe they are getting a bargain and by listing both your normal and sale price side by side, it highlights the value they’re getting for their money.

For example, when you list your pricing, write it as, "Normally $197 -- Only $97 Today!"

You can also come up with reasons to have such discounts listed. These reasons can be mentioned next to the discounted price as well. These could be things like a holiday special, inventory closeout, end of year special pricing, manager’s special, etc.. Any reason works and makes it seem like a legitimate deal that customers have to take advantage of.

Remember, people love a bargain. So create the perception of a great deal by listing your “normal” price next to your sales price (eg, "Normally $197 -- Only $97 Today!"). Also consider names for special deals just to have a reason for that deal (like a holiday discount or manager’s special).

For more great pricing strategies, as well as little-known marketing tricks, check out this book: 50 Marketing Tips & Tricks Learned After $100 Million in Sales Over 20 Years!.

How to Increase Your Prices and Boost Your Business’s Profits

People often overlook this very simple, very easy way to increase their business’s profits: increase your prices. Most people tend to undercharge for their services, so try increasing your prices, as a test, and see what happens. Funnily enough, most people perceive something that is higher priced as being of higher quality, which can encourage people to buy your product or service. As you increase your prices, you’re also receiving more per sale, increasing your profit margin. Take this strategy a step further and target higher value clients.

For example, if you run a business coaching company, and you currently charge $200 an hour for your time, increase your rates to $1000. With the perceived higher quality and value in your coaching, target businesses that make a lot of money vs. those that are barely getting by. In this example, one client would be worth 5 of your clients in the past. Not only have you raised your hourly rate, but you’ve decreased the amount of work you need to do to earn the same amount of money.

An interesting example we’ve had before is when we’ve sold courses or software for $7 vs. $497 vs. $997+. Although the $7 price gets the most conversions, the $997 price would almost always make tons more money. You just have to make sure you do a good job of showing the value!

So test out this simple tip and try increasing your prices and targeting customers who have more money to spend on your product/service.

For more easy ways to grow your profits and increase your sales check out this book: 50 Marketing Tips & Tricks Learned After $100 Million in Sales Over 20 Years!.

How to Increase Your Conversions With This Simple Trick

There’s many strategies to increase conversions, but have you tried this one? Try ending your prices with a 7, .95, 5 or .95. Instead of charging $10, for instance, consider charging $9.97. Even though it’s only a few cents less, people seem to think that it sounds cheaper. Even on high priced items the same tricks can work. For instance, you’ve probably never seen a car advertised for $30,000. Instead, you’ll see it advertised for something like $29,995.

Amazingly enough, on that last example, some people will walk away thinking that the car is $29,000 in their head (even though they’re smart enough to know that it’s obviously $30,000).

In the past many marketers have used 9 or .99 to end the numbers in, but it seems that there’s been a growing trend lately that 7, .97, 5, or .95 seem to stand out even more and appear even less expensive. Crazy stuff, but it can definitely work. And it’s doubtful that you’ll miss those few cents after increasing your conversions.

So, consider adjusting your price points to end in 7, .97, 5, or .95 to make your prices seem cheaper and see how it helps increase conversions.

Looking for more tips and tricks to help increase your conversations? This tool shows you easy strategies to grow your conversation rate and help boost your business: BizFire's Free Funnel Maker & Analyzer.

How To Use Social Media Effectively

According to a survey conducted in the United States a stunning 90% of businesses were active in some way on social media in 2017. Facebook alone, has close to 1 billion users, equal to the total population of India, all over the globe.

The world has progressed to the point where everyone wants everything right at their fingertips. They want what they want constantly and they want what they want NOW. That is the number one rule of social media. If it's used effectively the rewards are great. You want a social media page that

• Is active
• Has a large, engaged, and growing following
• Speaks to a large, relevant audience that translates into business conversions.

Using social media in a way that accomplishes these things can be tricky, but it also can be done.

Consider some of the following guidelines:

1: Headlines Matter:

You may have heard this famous proverb “don’t judge a book by its cover” but let's be honest with ourselves. We are visual creatures who often act on the first thing we see, and authors seem to agree with marketing experts that the cover very much matters. Creating effective social media headlines takes some practice. Headlines should be catchy, attention-grabbing, and the appropriate length depending on your platform.

2: Compelling Visuals:

What we see is more important online than what we hear or read. Visuals play a vital role in all social media campaigns. The use of compelling pictures and video material brings more value and attention to your posts, especially when compared to plain text. Visual posts are becoming more important on every form of social media, but many platforms like Pinterst, Snapchat, and instagram rely on visuals entirely, and their popularity continues to soar.

3: Adapt According To Your Platform

Whether you're working with Facebook, Instagram, Twitter, or any other social media site, each platform is going to come with a set of features. Most sites allow you yo post links, videos, and images along with your engaging text posts. Each platform is different, however. Instagram for instance offers various filters and focuses primarily on posts related to graphics, photos, and other visual posts. The nature of Instagram makes it ideal for sharing art. Twitter on the other hand, while it allows some of these features, is better for shorter blurbs and other text-based posts. Character limits require to you get your information out there short and quick, and as a far more active program you have to post CONSTANTLY to keep up with your following and your competition.

Whatever platform you're using, you'll need to familiarize yourself with the individual social media site and adapt accordingly.

3: Trending and Timely:

Twitter perhaps began this concept, but Facebook and other platforms are adopting the concept of trends and hashtags as well. It's important to follow what's going with these trends, as well as what people are talking about on social media in general. Your posts must be timely, and fall in sync with current trends to remain engaging and capture the attention of your audience. Give them content that's relevant.

You'll have to experiment with your content strategy as far as when to post. Some audiences and topics trend at different times of day depending on the behaviors of their audience. What are their work schedules and daily routines? Try to pinpoint the times that they're most on and post accordingly. This may require some trial and error at first, but as you tweak your posting schedule you'll want to adjust and post mostly during the times that get the most engagement (likes, clicks, comments, shares etc)

Of course most of us aren't available to post on social media 24/7, fortunately you may not have to. Many features like Facebook's auto-scheduling program can make your life much easier as they allow you to schedule your posts in advance.

4: Cast A Net Of Posts:

Using a net can catch more fish for you than using a fishing rod. Its wider and has more reach. The same concept can in some ways be applied to social media. The algorithms of your visibility very much depend on the activity of your page. The more you post the more likely you are to be seen. One or two posts a day is good, but at some point it may not be enough. You want relevant content your audience will appreciate, so don't just spam post, but have your content planned in mass and in advanced. Five or more posts a day may be ideal to start, but you can experiment with the number of posts you plan as you measure engagement.

4: Interact With Users:

Interaction with your users is an important, but neglected step in social media management and influence. First, many pages like Facebook measure your pages response times and rates and will sometimes post them publicly. You want to be as responsive and interactive as possible in your profiles inbox system, and even on your posts.

Users are more likely to engage if they feel connected with your brand on a personal level. Answer questions, respond to criticism, and above all, be friendly and polite. Let your users know there's real people behind your page.

5: Keep The Content Coming

One of the biggest struggles for many businesses and users in social media is consistency. Creating content is more tedious than you would think, but it has to be done all the time. New content every day, fresh and original, is one of the biggest keys to success in social media.

Not everyone has time for content posting and creation, especially in a way that keeps up with the demands. With content constantly rolling out, you need to keep your pages busy. Luckily many automated programs like News Poster make the job a lot easier for those who are willing to invest.

How to Access A Whole New Set of Leads By Partnering With Other Businesses

Looking for new customers? Or a way to make a whole bunch more sales? You’re going to love this strategy then! Think about other business that you could partner with, that you don’t directly compete with, where you could offer value that will make you both a lot of money. Think about the customers a business already has, and whether those same customers would be interested in your own product or service. Now, think of how you can make your offer a win-win for you and the other business. This is a great way to access a whole new database of potential clients for yourself, and give the business you’re partnering with an opportunity to upsell their current clients by offering them your service (for a cut of your fee).

For example, if you sell homemade candles, reach out to boutiques to see if they'd be willing to sell your candles (even without them buying them first - just sharing in the sales). Or if you sell a social media management or SEO service, reach out to web design firms that might not offer your services to their clients, but offer them a good chunk of the sales PLUS offer to do all the work, support, etc. for their customers AND let them market it as their own (a win-win for both).  Or if you're a programmer or have a tool of your own, reach out to market leaders in your industry who might be able to sell a lot of your product and let them white label it (sell it as their own) for a good cut of the profits while you just maintain it and do support for it. One good deal here can be more than a full-time living or a good little business all by itself.

We’ve started six and seven figure businesses by making such deals, and it all starts with just reaching out when you know both sides can benefit.

So have a look for other businesses that you don’t directly compete with that you could partner with. Then look at how them selling your product can be a win-win, whether it’s a share in sales, fulfilling a need their clients have but they don’t offer (and allowing them to market the service as their own) or white labeling your product for their clients.

To find businesses to partner with, check out our business lead tool here: Macroleads

How to Go From Having Customers Balking at Your Price to Being Ready to Buy – the Power of the Word “Only”

How items are described and the words we use to frame situations can have a big impact on how we then think about a scenario. Just as saying, “I cut my finger, but there’s only a little blood” versus, “I cut my finger and there’s blood everywhere,” paint two very different pictures, the words you use to describe your pricing can make a big difference to your sales. Something as small as just putting the word “only” before your pricing can increase your sales.

For example, if your price point is $97, instead write "Only $97." Psychologically, by putting “only” in front of the price, you are making little of the price, implying that it isn’t that big, and is a good deal.

While it may seem small, little tweaks can have a big impact on conversions. How we “frame-up” and train our customers to think about our pricing can influence their buying decision. By using the word “only” before your price (eg, “Only $97” vs. “$97”) it psychologically implies the value you are getting is greater than the small amount you are paying.

For more tips and tricks on increasing sales, marketing strategies and ways to make more money in your business, check out this book 50 Marketing Tips & Tricks Learned After $100 Million in Sales Over 20 Years!.

How to Show Value and Position Your Price to Encourage Customers to Buy

One way to show value and highlight the great price you’re offering your customers is to point out when you are giving a discount or savings, as this lets customers know you’re giving them a great deal and lots of value. A discount also has a psychological effect - we feel we are getting a better deal and are more likely to buy. Seeing that an item is discounted not only is an incentive to buy it now, it can also encourage new users to buy that might otherwise have not considered it.

For example, when listing your price, you might write: "$97 --- 50% Off Today!" This makes people feel they are getting a great deal, helps them justify the purchase to themselves and is more likely to push them over the line.

If you have several similar offers that are slightly better or more/less expensive than the other, instead of just listing off the benefits of each one next to their price, you can also not only list off the savings, but say “Good Deal,” “Better Deal,” and “Best Deal” next to each one (or “Most Savings” or something similar). Never assume that people will just do the math in their head and know which one is the best deal.

Think about how you can apply this to your business. Can you put a savings amount next to a price point (eg, “$97 --- 50% Off Today!)? This makes customers feel they are getting a great deal and can encourage customers to buy that may not have bought before.

After more tips to show customers the value of your product? For more marketing tricks and strategies, check out this book here: 50 Marketing Tips & Tricks Learned After $100 Million in Sales Over 20 Years!