Welcome back to High Ticket Weekly Newsletter…
In previous newsletters we’ve covered a vast range of topics to help you build and grow your expert business.
Today, we’ll discuss one of the most important factors that determines your profitability and success.
PRICE.
Done right, you’ll create high margins and boost profitability.
Done wrong, you could see your business fail almost overnight.
In fact, in some cases, price can even become a marketing strategy.
So let’s dive in.
First, let me ask you…
How do YOU price your products and services?
If you’re like most people, you look at your competition and charge something similar.
This may seem like a smart thing to do because it keeps you “competitive” in the marketplace, but is that really true?
Why Smart Brands Command A Premium Price
At the end of that podcast, you will have heard me talk about charging based on your value, and we’ll dive deeper into that in just a moment…
But before we do, I want to share with you how smart brands COMMAND premium prices.
If you take any high priced item, what’s the first word that comes into your head when you hear their brand name?
Most likely you’ll think expensive, prestige, high quality, status, etc.
That’s the kind of thing I’d like people to think when they hear my name.
And your brand should be no different.
(If you want to a crash course branding, please refer to one of my previous newsletters.)
In fact, studies show that people actually enjoy paying higher prices.
3 Pricing Strategies To Price Your Product Or Service
In this video I discuss 7 different pricing strategies >>
One of which to price yourself is by the hour.
This is a bad idea if you want to scale your business.
3 of my favorite pricing methods in that video are…
- Price to Package – you create a package and price it accordingly.
- Price to positioning – you’re paid for your positioning in the marketplace.
- Price to value – you’re paid for the value you bring.
I strongly recommend you choose one of the 3 strategies above.
They’ll make business far easier and more profitable.
How To Charge What You’re Worth So You Can Hit Your Revenue Goals
Charging what you’re worth isn’t only important if you want to hit your revenue goals…
It’s also important for your clients.
If you watched the video about how smart brands command premium prices, you may remember the wine experiment and how high prices changes your client’s psychology.
It’s also important because if there’s no skin in the game, there’s no game.
The more you charge, the more seriously they’ll take the transaction and relationship, and quite possibly, the better results they’ll get.
How To Sell More With Contrast Pricing
FAIR WARNING: You’re about to discover a very sneaky pricing strategy that will help you sell far more of your products and services.
I call it the 3 box method.
Now there’s a reason why we use 3 options and not just one or two.
There’s a reason why we create these offers in such a way they almost always choose the middle option and not the most expensive option.
To find out exactly why and how this contrast pricing method works so well, click here >>
In our business we have multiple offers and use the 3 box method when we present to our prospects, and it works very well for us.
How To Raise Your Prices Without Feeling Nervous
I’m not going to lie…
Raising your prices can be intimidating, which is why people don’t do it more often.
When I was in my early twenties I raised my price from $1K to $10K in just a few months…
But don’t get me wrong, I was doubtful and scare of raising my price by even 10%.
The Real Cause Of Price Resistance
It may surprise you to learn that all price resistance IS NOT in the mind of the client.
So to close this newsletter out, I want to share with you where ALL price resistance comes from >>
I hope you’ve enjoyed this newsletter on pricing.
The content inside should empower you to choose the right pricing strategies for your business and increase your prices ethically and still have people pay them.
To your success,
Dan Lok
P.S. – Our exclusive 3-day live event High Ticket Mastery™ kicks off in just a few weeks.
By the time the event is over, you’ll have a “done list” NOT a “to-do list” of tasks already completed, and you’ll be well on your way to taking your business to multiple 6 or 7 figures.
