If You Can’t Sell It Cheap, Sell It Expensive
If you cut the price on an item, that does not necessarily mean an increase in sales. In today’s modern world, we often judge a product solely by its price with the trend of “expensive = good”. Therefor, if you try to sell a product cheaply, many people will think that it is bad and poorly made and as a result, will not buy.
I wish I can find the source but there was an experiment at a supermarket. A toilet paper company raised the prices of their brand of toilet paper above the rest of the competition to see what would happen. Sales increased! Nothing changed quality wise, the price increased and people bought more than ever. Their logic: this toilet paper is more expensive than this one which means it is better quality.
So how can we use this to increase sales? Instead of doing the usual:
This book usually costs $47, but if you buy “How to Drill Holes - Anywhere” by August 28, 2007, it will only cost you $28!
try:
I am amazed at the amount of sales and positive feedback I received in this past week. So have increased the price from $14 to $28 and will increase it again on August 28, 2007 because this sells like hotcakes!
What the difference? The first example tells the buyer “I am having trouble selling this product so I’ll make it cheaper so you can buy” while the second says “I can set this to any price and people will still buy. You better hurry up or you’ll end up paying more!”
Price is the same. Quality is the same. Change the words around a bit and you’ve got people thinking about your product from a different perspective.
Filed under: Marketing, Monetizing | 2 Comments »