Feb 9, 201701:10 PMOpen Mic
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How to confidently sell really expensive products
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Have you ever bent over backward to offer your product or service at an incredibly low price, only to have a “meh” response from your target market? A poor response to an “amazing” sale price can send many entrepreneurs into a panic, making them wonder:
- Did the competition get here first?
- Are we out of touch with the market?
- Are we still overpriced?
Each of these concerns can lead businesses down a rabbit hole of lower and lower prices, and fewer and fewer quality customers. None of these concerns gets to the root of the issue.
If you have defined your target market and done your research, you know your market will benefit from your product or service. After all, your beta testers loved it. Why then, when you unveil your new product to the mass market, do the majority of buyers pass on this “great” offer?
Price is not a selling point.
Instead of advertising a price, market the value of that offering. Explain whom the offering is for, what problem it solves, and its ease of use or implementation. Never make the price of the product or service the main focus.
Perceived value can be 2–3 times the actual value.
If your audience knows this product/service is designed for them and that you have solved one of their problems, they will place high value in what you are offering. To them you aren’t selling — you’re helping. And good help is hard to find.