Yesterday, I was on a call with a business owner I’m helping to make more money from his list.
He has an offer that used to sell well, but hasn’t been selling lately.
“Seems like there’s just no interest in my list for it these days,” he said.
I know the problem. I’ve had it myself. I also know the fix.
“Raise the price,” I told him. Here’s the logic:
There might still be demand in your list for your non-selling offer, but people need a reason to move. Nothing moves people like, “Before the prices goes up!” Announce the fact and you might make sales, even though haven’t been able to make sales for a long while.
But what if you announce you’re raising the price and still nobody buys? Two options:
Option one is that they buy at the higher price some time in the future.
Don’t scoff. It’s perfectly reasonable.
I was on a call recently with another business owner who runs a big list and a big business around that list. He flat out said, “If an offer is priced at something like $300, I don’t bother with it. I know it’s gonna be for newbies and it’s not for me.”
The fact is, we all evaluate value based on price.
Something with a lower price almost inevitably has lower perceived value. Something with a higher price has higher perceived value.
So an easy way to increase the perceived value of your offer is to raise the price — and to very reasonably attract sales you would not have attracted at the lower price.
“But yeah but yeah but what if it still doesn’t work?”
That’s option 2. And option 2 is you’ve won.
I figure it’s better to have a $30k “one-day intensive” that nobody buys than a $3k “one-day intensive” that nobody buys. Look at Jay Abraham. He built his entire positioning on that core idea.
You don’t have to do like Jay and charge $30k for a day with you.
But if you have a higher-priced offer, whether anybody buys it or not, it becomes anchoring for all your other prices.
It puts you into a premium category, and it makes all your other offers seem reasonable by comparison.
Plus it gives you a higher-value asset that you can now repurpose. A $2k course that you legitimately sell, whether anybody buys it or not, still makes for a legitimate $2k value if you give it away as a bonus or if you bundle it in with other offers. A $30k “one-day intensive” legitimately makes a 20-minute consultation with you worth $1,000.
Earlier this year, I ran a cohort with a small group of people about running a price increase promo.
Since that cohort went well — the people who participated made money, and I was happy with running it — I’ve just decided to run it again.
Basically, my offer is:
You run a price increase promo to your list, and I act as your Mentat. Hopefully you make a nice amount of money in a short amount of time from your price increase promo. One way or the other, you come out ahead in terms of status and positioning and the relationship with your list.
Do you have a list? Do you wanna run a price increase promo? Do you want my help and guidance on which offer to increase the price of… how much to increase it by… and how to run this to your list for the best possible effect?
If so, hit reply. I wanna hear what you’re up to. If I feel I can help you run a successful price increase promo, I’ll give you more details about this price increase promo cohort.