How to Price Your Offer to Increase Sales

Feb 20, 2024

Explore the impact of pricing on consumer decision-making and business success, including strategies to enhance perceived value and drive sales. Learn about using psychology in pricing, leveraging scarcity and urgency, bundling products for added value, and the power of odd/even numbers in pricing. Discover personal experiences and mistakes in pricing strategies, with insights on mastering pricing to increase revenue and attract diverse customer segments.

Ask episode

Chapters

Transcript

Episode notes

Introduction

00:00 • 2min

Mastering Pricing Strategies for Business Success

02:14 • 21min

Success Story of Offer Bonus Driving Course Sales

23:05 • 2min

Strategies for Enhancing Value and Creating Urgency in Sales

25:04 • 2min

Exploring the Influence of Scarcity and Popularity on Buying Decisions

27:28 • 4min

Unlocking Sales through Pricing Strategies

31:02 • 5min

Mastering Pricing Strategies for Increasing Sales

35:36 • 18min

Have you ever wondered what makes someone choose one product over another?

Well, it's not just about the price; it's about the perceived value.

And as wild as this may seem, the perceived value is oftentimes associated with a higher price.

Take it from someone who was in the luxury wedding photography industry…

Some people would ask the price not to make sure they can afford it, but to make sure that very few people can.

In this episode, you’ll learn my four-step framework for determining your price, how to increase the perceived value of your offer, and psychological strategies to get more sales.

Click play to hear all of this.

Register >>HERE<< for my free masterclass, How to Double Your Revenue in 60 Days with a Proven Launch Plan!

(00:00:01) The discomfort around money, and beliefs about pricing.

(00:02:13) The impact pricing has on your business.

(00:04:29) Should you discount your offer?

(00:05:37) Strategies to increase the value of your offer.

(00:11:00) How pricing shapes the perception of a brand.

(00:13:57) How to use psychology in pricing to spark emotions and drive sales.

(00:15:52) How to use the “Decoy Effect” in your pricing strategies.

(00:17:57) How to know if you should use odd or even numbers in your pricing.

(00:20:16) The strategy of bundling and adding bonuses to enhance the value of your offer.

(00:21:16) The psychological impact of bundling products and services together to create a perception of value.

(00:25:21) The strategy of creating a sense of scarcity and urgency to encourage faster decision-making.

(00:32:42) The benefits of offering tiered pricing to increase conversion rates.

(00:39:22) How to determine the dollar amount to charge.

For full show notes, visit:

https://jasminestar.com/podcast/episode399

You know that feeling when you find a platform that just works—and you never have to worry about switching? That’s been me and Showit for the past 10+ years.

I built my website with Showit because it gives me total design freedom.

If you’re ready to build a website that works FOR you—and not against you—head to JasmineStar.com/showit for a 14-day free trial + first month free when you subscribe!