10 Ways to Increase Price

price_model

  1. Sell an unbranded version or a private labeled version of your product or service in bulk.
  2. Create packages at three price points: One low price, low feature, entry-level package to get new buyers in the door. One high-price, high-touch, “luxury” package. And one highlighted, good-value, mid-range package. Customers will use the other packages as price anchors and more likely choose the mid-level package. You may be happily surprised at the customers who choose the high-price package.
  3. Create a low-featured product/service that is easy and straightforward with one click buying.
  4. Charge for speed: rush production, rush delivery, 24-hour instant service.
  5. Create bundles so it is more difficult for shoppers to compare your product or service directly with your competitors. (The telecoms carriers are great at this.)
  6. Price based on service levels: Do-it-yourself, response within 48 hours, 24/7 on call support.
  7. Include a line item in your invoice/proposal for training with a price to call attention to its value. Create training level options with different prices such online tutorials, group training and one-on-one dedicated coaching.
  8. Create different prices for gifts versus self purchases. For gifts, create bundles at different gift budget levels such as $19, $49, etc. (depending on your product/service). Bundle in gift messages and delivery.
  9. Instead of always giving a discount as a promotion, include a digital giveaway to sweeten the deal such as a free guide, online diagnostic or ebook.
  10. When working with resellers, offer different levels of credit and minimum purchase requirements based on their sales.

What tactics have worked for you in getting better prices? Share in the Comments section below.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>