9 Pricing Hacks to Attract Clients
and Supercharge Your Revenue
Start with non-obvious truths.
You can double your sales volume by doubling your price.
You are fumbling in the dark if you’re looking at competitor’s prices.
Cheap prices put potential customs off instead of attracting them.
So, before you put a price on your service and release it to the world, take a time out and give this a careful read. Pay attention to these points, take them into account, and use them as a checklist.
Rule 1: Premium Services Sell at Premium Prices
A higher price screams quality.
You must have the best sales system and, of course, a premium service if you want to become known as the premier provider.
Rule 2: Wowing Through Price Is a Bad Move
Never price yourself so low that you think people will look and think: ‘Wow that’s a quality-sounding service! Look how little it costs!’ That’s not what they’re saying at all. They’re saying, ‘Wow, look at how little that costs. There can’t be that much that is special about their service.
What you want to do here is add even more value to your service including a higher price.
It might be the same service, but you’re much more likely to attract more high-value clients at a price that they look at and think it’s reasonable and fair.
Whereas clients that are always looking for a discount and are slow to pay will go somewhere else, and you will be happy to let your competition have that low-paying client.
Rule 3: Don’t Be Afraid
Too many people are afraid to take the leap and price their services based on the value the client receives rather than the time they will spend on the tasks.
The experimentation around the right combination of offers, deals, follow-up, and other options can come later.
Many training companies will be charging you thousands of dollars for the opportunity to go to their seminars, but the same information is available in the book they have just published. Do not be afraid to price based on the perceived value the customer receives.
There’s a real market for premium services emerging. Make sure you don’t place your price in the bargain bin if it’s meant to be a premium service.
Rule 4: Increase Sales by Presenting Choices
Whether you have a high-ticket item offering smaller chunks to be paid at extended periods or a low-priced minimum service option that requires a lump sum that gives service for three months, six months, or even a year, the pricing structure can be made to give the client a feeling that they are getting great service for a fair price.
The sales process is all about answering the customer’s questions and eliminating their fears or removing any problems they may come up with for not buying your service.
It is not a good scenario if you sell someone a service but they aren’t offered a payment option they want.
Rule 5: Rewards for Customers Equal More Cash in your Pocket
Never, no matter what you do, ignore the people that have purchased from you before. It’s not hard to come up with ways to reward them.
One very positive way is to offer previous customers the opportunity to buy related, upgraded services at discounted prices.
Remember, these are the most important people.
You want to keep the customers that are buying from you happy, and you want to stay in touch with them. If you don’t go out of your way to please them, you’ll have to go out and spend wads more on finding new replacement customers
Rule 6: Trials & Lead Generation
Avoid free trials unless you’re aiming for lead generation.
The problem with free trials is that you’ll attract all sorts of freebie seekers.
It’s far better to charge a small amount for a short trial or minimal program. You simply want to sort those people out that are coming to you just because they can without spending any money. You want those that are coming to you because they’re serious and will likely become great clients.
Do not let freebee seekers take your valuable time and resources.
Rule 7: Banning the Word “Cheap”
Never describe your services as cheap. Competitively priced — yes, the best price for that service — yes, but never cheap.
People don’t want cheap. They want quality at a fair price.
Rule 8: Don’t be afraid to experiment
Don’t be afraid to experiment with pricing strategies.
Use shorter durations or frame discounts or new prices around special times of the year.
Offer longer-term services for discounted prices.
Change prices when it is the right thing to do. Do not be concerned with previous customers or what they are going to say because this practice is done all the time by major brands and everyone else.
Rule 9: Value Added
Always add value!
Bonuses, different offers, special promotions are a few of the ways to add value.
Value can be added by non-direct efforts like testimonials and guarantees. These increase value by reducing risk in the client’s perception.
How to address concerns that you think your prices are too high. Do not reduce the price but instead add features and benefits to bring the offer up to the price. Never reduce the price.
Next, change your mindset to realize the value the client is receiving. Know that it is not about the time you spend with the client.
Concluding Thoughts
The price you set doesn’t have to be engraved in stone. It’s there to be tinkered and played with until you feel it’s correct and your testing confirms that it is correct.
Have confidence in your results but never stop experimenting.
Remember “A premium service deserves a premium price.”
