General recap the psychology of pricing. You've completed the second section of the program the psychology of pricing. Great job. Let's recap the entire section. lecture number one pricing overview. First, there is a difference in pricing digital products versus physical products to perceived value plays even more important role when you price digital products.
Three, a good starting point to price your digital product would be pretending you're your prospect and asking questions. With a pay that price is too low or too high. Why? For the key to successful pricing can be found in the quality of your product. Five, generally therefore pricing strategy, you charge a certain price but the quality of your product is low. You charge a low price but the quality of your product is decent for the Price, you charge a certain price, but the quality is much higher than that price.
And the last one, you charge a high price but the quality of your product is superior. Number six, my advice is to go with strategy number two. Strategy number four. How to make a $500 product look like a real bargain. The framing effect is an example of cognitive bias in which people react to a particular choice in different ways depending on how it is presented. framing can be used on questions statements, and most importantly in our case, prices.
Your prospects are always asking how do we know that what I'm paying for is worth a lot more than my investment. When we talk pricing in the digital world, what matters most is perceived value. It's very important you test prices. lecture number three top pricing tactics part one. When you present the price of your product first and then the product, your prospects will make a decision based on the economic value. When you present the product first and then the price your prospects will make a decision based on what your product would do for them.
Lecture number four talk pricing tactics part two, offering different pricing options might increase your sales. You have to be careful not to give too many options beware decision fatigue, consumers tend to change their preference between two options when a third less attractive option is presented. Don't go overboard with this tactic. To utilize the decoy effect, you need to have at least two variables. The first one is always the price. Use good design ensure your prospect what pricing option to choose.
Lecture number five talk pricing tactics part three. Avoid talking about money talk about investment. Don't be shy to ask for money cell phone power self with confidence. Prices ending in nine out perceived lower than they really are $99 sounds a lot better to your prospects then $100 lecture number six discounts. discounting is the pricing strategy might devalue your product in set future expectations. So you need to be careful, you can make your customers feel special by providing more value.
You don't necessarily need to cut the price, you must always have a solid reason why you do a discount. lecture number seven pricing your product line. All successful companies have been working on extending their product lines. The main function of your low dollar offer is to convert a prospect to a customer therefore it should be an inexpensive impulse buy. Your main offer is the general source of income. Your continuity program is hard to sell but very rewarding.
It's about monthly cash flow, you must have an ongoing element, your high end offer. It's about making even more money and working with clients who like you interest you a lot. Your marketing has to be aligned, meaning your product has to be closely related. When one person buys your low dollar offer, it has to be a natural course of events for them to buy your main offer. Whoa, that was a good amount of information. You've learned a great deal about pricing and marketing in general, you should be proud of yourself.
I want to congratulate you on getting this far and the amazing progress you've made. You're totally awesome. Your marketing skills are enhanced, but I'm going to be honest with you. The next sections of the program will blow your mind. They will help you skyrocket tomorrow. Getting influence to a whole new level so I'm super excited to share the best cutting edge marketing strategies and tactics I and the majority of successful entrepreneurs use in their businesses.
If you have enjoyed this program so far out appreciate if you take a second to write me a review because it will help me out as an instructor and it will help other students decide if the program is right for them. Thank you in advance My name is Vladimir rack of in remember, stay purposeful