Top Pricing Tactics - Part 1

Marketing Psychology Masterclass The Psychology Of Pricing
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Transcript

Top pricing tactics, I'm going to share with you my favorite pricing tactics have ever been on a sales page that communicates the benefits of a product, but there is no price, there is no even a button by button. And most of these pages have just a sales video. At first, you might think what's going on here? And honestly, there isn't a successful marketer who hasn't used this tactic. And yes, it's a tactic curious why the time when you present the price of your product matters. And more specifically, do you present the price first, and then the product or you present the product first, and then the price?

The correct answer is you need to present the product first, and then show the price. Of course there is some psychology behind that. What you present first will determine how your prospects will Make a decision. When you present the product First, you will form their decision based on the features and benefits of your product based on the qualities of your product. When you present the price first prospects will make a decision based on the economic value. Imagine the following situation.

You come to me and tell me, hey, Vladimir, I sell an online course for 497. Would you like me to tell you what the course is all about? Even if I agree to listen to you, my brain would shut off the moment I hurt $500 course, no matter what wonderful benefits you would be communicating, my decision was already formed. Or I would be thinking and evaluating this opportunity from an economic point of view is $500 a reasonable price for that course. On the other hand, let's say you've gone through my whole program, and your marketing skills are as sharp as a razor. You know that I'm really eating interested in teaching online and creating courses.

So what you do is you give me an opportunity to get your free report that teaches people how to create their first online course. Of course, I would have to submit my email address to get this report every day. And I like it so much now, I'm even more motivated than before, because a gain knowledge from a person who has been there done that that person is you. After I have joined your email list, I trigger an automation email sequence and I receive 14 emails with super valuable information on the subject I'm interested in. The time comes and I land on your sales page. Your copy is outstanding.

Your promise is big. Your social proof is through the roof. Your guarantee is solid. There is a timer on the page counting how many hours until the offer is gone. You've done a great job framing Your price. And by that point, I'm already sold.

You show me the price for 97. And I buy your course, again, because they know it's a risk free offer. There is a slight difference in the approach, right? And in the second approach, I would not make my decision based on the economic value, but what your course or program would do for me. This is the reason why you read long sales pages, and you see the price at the bottom of the page and not any sooner However, people got smart, and they just scroll to the bottom to see the price. And if they think it is too high, the leaf if they think it's reasonable, they might read some parts of the sales school.

It's true, people got smart, but marketers got smarter. As we've discussed, nowadays, video is consumed more than ever before. And even for sales pages. People will prefer to Listen to a sales video. If the video is let's see 25 minutes, marketers set up their sales page in a way that when people watch 20 minutes of the video, a price in a Buy button will appear. If they haven't watched it, Buy button in price won't appear.

Or if they haven't stayed on that page for 20 minutes, these two elements again will not appear. And this tactic is used by Jeff Walker Eben Pagan, Frank Kern down rice and more famous Marketers. You will hear some disagreements on this topic that you might frustrate your prospects. But at the end of the day, the tactic that converts most is the one we choose. Time to recap. When you present the price of your product first and then the product, your prospects will make a decision based on the economic value.

Number two, when you present the product first and then the price your prospects are We'll make a decision based on what your product would do for them. Alright, so far so good. In the next lecture, we'll continue with the pricing tactics. Thank you for watching and stay purposeful

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