Could you get twice as many clients to pay twice as much for your products and services?
Yes, it’s possible with the 4 marketing ideas detailed here. You could potentially double the fees you charge and more than double your annual revenue just by applying one marketing strategy.
Let me ask you a question; what makes a stock go up in price?
Say, for example, gold stocks. A few years ago, gold stocks were in the dumps; now they’re headed for the heavens.
What’s changed? Are the companies that mine gold doing anything different?
The answer in most cases is no. But perceptions have changed. In spite of past volatility, gold is now worth more because it’s seen as a safer investment than the U.S. dollar, whose value is dropping like a stone.
What controls how much your clients will pay for your products or service?
It’s your prospects’ perception of the value you deliver that determines the price.
In the case of gold mining stocks, a bunch of domestic and global economic factors came into play and created a context where gold became a great investment, at least for the moment. You can’t control the global economy, or wait for it to cycle around to create just the conditions you want, but…
You can leverage your marketing to influence your clients’ perception of the value of your goods or services.
Want to sell more at higher prices? Use this marketing idea >>
There are four key factors in influencing prospects’ perception of value. The first is obvious but is the basis for everything you do.
1. Provide a Top Quality Service or Product
Last weekend my wife and I wanted to go out for nice dinner. She picked one of our favorite restaurants. It’s got a great location on the water’s edge and the chef really knows how to prepare fish and shellfish.
Oysters, salad, main course, desert, a glass or two of wine and the bill was over $130 for the two of us. We could have prepared the same meal at home for under $30, but I paid the bill happily. The excellent food, service and view made it all worth it.
Discover how to get more hungry buyers to pay top dollar with these marketing ideas >>>>
2. Market to People Who Are Hungry For What You Sell
You’re going to pay a lot more for a hotdog at a ball game or for candy at the movie theatre. Even so, people line up to pay these high prices.
What prompts so many people to pay almost double the price they would at the grocery store?
They’re hungry, and it’s convenient. Instead of trying to market to everyone, target the people who are hungry and make it convenient for them to buy and you can charge a whole lot more.
3. Position Yourself as an Expert
Why are some doctors in such great demand? Top surgeons get patients who’ll pay 50% more than the usual fee for a consultation or surgery, because those doctors are considered to be experts in their field.
If you want your clients to pay you more, become an expert in your field. Then share your expertise, so your prospects are aware of how much you know and how much you can help them. Honest advice has a high value. Position yourself as an expert and you’ll be able to get more for your products and services.
4. Make Your Marketing About Your Prospects, Not About You
This is the most important part of hooking your prospects and influencing their perception of value. Typical sales copy about how long a company has been in business is boring and does nothing to boost value.
Describe your prospects’ needs and wants in your marketing pieces and sales copy, so they see themselves in it. The more your prospects feel you understand what they want and need, the more likely they are to buy from you.
The fastest way for most businesses to increase sales and profits is by changing their marketing so prospects understand the great value they will get. When that happens they’ll jump at the chance to buy from you.
Low perception of value by prospects = low dollar sales and
low volume of sales.
High perception of value by prospects = high dollar sales and
high volume of sales.
To change prospects’ perceptions of the value of you products and services, and increase your sales and profits – use this marketing idea >>
– Charlie Cook
Small Business Marketing Ideas That Work