I am often asked by Product Launch Formula owners how they can increase their prices without losing sales. The key thing to remember is people are buying VALUE and most of them will pay more if they can clearly see they are getting better Value from you than anyone else.
Something else to remember is there are many different ways people measure Value. Money is only one of them…
A great way to prove you are offering more Value than your competitors while RAISING your prices is by using T.I.M.E.R.
The Acronym stands for:
Time – How does what you offer save your customers Time? Is what you offer more efficient, complete the task more quickly, have a shorter learning curve, require less personal input, get better results for their time invested? A done-for-you-service has a much higher value than handing somebody an Ikea Package and asking them to watch 5 hours of tutorial videos so they can build it themselves.
Identity – How will owning your product or service enhance how people see themselves? People buy things that are totally unnecessary for survival (Ferrari’s, Boats, Rolex Watches, etc.) so their image matches their identity. How can you tap into this innate desire?
Money – How does your offer make or save money compared to your competitors? What will it cost them if they don’t fix their problem, and why is buying from you their best alternative even if you are more expensive initially (longer service life, better warranty, lower maintenance costs, cheaper to repair, higher resale value, etc.)?
Energy – How does buying from you save people from exerting unnecessary energy? Mowing the lawn or cleaning the pool on a hot afternoon requires a lot of energy. People are busy and want to relax when they are not working. How can you help them solve their problems without lifting a finger?
Reputation – How is buying from you going to make them look through other people’s eyes? People will go to the ends of the earth to protect, enhance or restore their reputation. How can you make them look good to their family, friends and others by buying from you? Luxury brands do this well. How can you copy them?
Incorporating some or all of these 5 elements into the marketing for your products and services massively increases the value you’ll be offering your customers.
Hope this helps.
P.S. If you would like to register for one of my regular T.I.M.E.R. implementation sessions, please let me know by emailing me at rttgemails [at] gmail.com and I’ll get back to you with the details.