One Pricing Mistake That You Are Presently Making That’s Costing You Sales And Much Money

One Pricing Mistake That You Are Presently Making That’s Costing You Sales And Much MoneyPhoto Credit:

Just imagine yourself entering a good fast food right now, and as you were entering this fast food, say crunchies for example.

And you percieved this delicious, tasty meals and snacks aroma, and you are already salivating.

Then you quickly went straight to the canter and met this good looking girl who was in charge.

She greeted you.

You went ahead and ordered a plate of fried rice with chicken.

And the girl told you it cost just #200 or say #150.

Will you go ahead and buy that food?

Most person’s will and I will tell you why.

We humans loves to GAIN everything but we don’t want to LOOSE anything.

And this can be a trap.

But then almost everyone, if not all who went ahead and purchased that food at that small price will think that there’s something WRONG with that plate of food.

Re-read the above paragraph again, this time slowly and try to let it sink.

I believe you know why they will think like that?

Don’t worry if you don’t, I will explain in sec.

But come with me, let me tell you two short stories with high educative lessons that’s gonna help you stop making this dangerous pricing mistake that all your competitors are making and it’s costing them sales and much money.

Just some weeks ago, I went looking for an apartment, the first agent I went to, showed me 3 different houses, and I didn’t like any of them and their prices were on the high side above my budget.

But I needed to change environment as a matter of urgency, I needed it immediately.

So I called the agent and told him I have selected one of those houses he showed me and that he should talk with the owner and collect his preferred mode of receiving his payment and send to me, let me pay.

READ ALSO: How Small Businesses Can Cut Cost Without Losing Quality

He was very happy and promised to do that asap.

But on my way going to the meet the owner the next day and make payment so I can park in, I met another agent who happened to have better houses I was looking for, judging from the descriptions he gave me.

We talked and he collected his mob fee and I told him I don’t have time, that he should just take me to this particular one that he described to me and let me see it.

We went and on reaching there, though he exaggerated some of that very house features, I was sold.

I told him to call the owner so I can make payment, he did and then something happened..

The price they told was as twice high as what such house is been rented around that area.

But I agreed to pay and was happy.

Remember I told you the houses the first agent showed me were all costly, but now I agreed to pay twice of that amount and my mental arithmetic brain at this time was kinda switched off.

Do you know why?

I will tell you but not until I have told you the second story that happened when I went buying this 22 inches foam some days ago.

Before then I have been making enquires on the price of that foam size and the price range was between 90k and 80k.

I was not ready to buy but only wanted to know the price.

Then when I went buying this foam some days ago, I was told 70k and I was like what! Wow now am gonna save 10k thats if I get it at 70k price, because I have already budgeted 80k.

but then I went ahead and still priced the thing and using my negotiation skills, it was reduced the more for me.

Don’t bother yourself to know how much I later bought that at the end of the day, that’s not the point of telling you about it.

But here’s the thing

You see eh,

So many salesperson’s makes this mistake of selling their products and services so low, reason being that they are afraid that should they charge high, that people will not buy.

But I wanna burst you bubble right now.

Your customers brain doesn’t know nor understand what is HIGH PRICE.

YES believe me, am telling you the truth.

Let me break it down so you understand this well.

What the human brain knows is loss and gain.and it will always drag us away from loss and push us to gain.

That’s the only thing it understands.

If you are able to grab this pricing concept , it will proof to be a Game changer for you.

For instance, in the story i told you about fast food, people will think that there’s something wrong with that plate of rice because it was not priced at what the customers percieve it to cost.

In their head, they already have a price anchor,and this anchor is what the brain uses in determining if price is high or low and it can be easily manipulated most times.i mean this is a fast food not mama put stand.

READ ALSO: 3 Ways Your Business is Loosing Money!

In the customers brain, fast foods are percieved as high quality food even when they cook trash and high quality goes with high price.

So the customer thinks it’s ok when they charge that high amount, and failure on your part as a seller to ask for high price, instills doubt and atoms of distrust in them, they start thinking something is wrong with the food or the product you trying to sell them.

So you need to understand that your asking low price sake of fear, is costing you so much.

So what do you do?

Let me share one secret thing that played out in those two stories I told you of above.

In the case of that house, because I was shown high priced houses FIRST before showing me the low priced ones, I saw it as am saving money even when like I told you I was paying twice what the house was really cost.

My price anchor at the first instance was on my budget, but since I now have been exposed to those high prices, the price anchor has been changed, I was now thinking along that price range for a house.

You got that?

Just by showing a customer some high priced goods first can give them that anchoring that you need to sell them the similar product at much higher price than they did agree to buy if not first shown those high priced ones.

When this is done strategically, the customer buys thinking they are saving money and not loosing money or just buying.

You know humans are selfish now,they are always thinking how to gain even if that means loss to you, they really do not care.

That’s why people still play gamble till tomorrow, and I begin to wonder if they actually know that nobody goes into any business to loose. But their greed emotion will not allow them think logically.

Let me give you another instance on how this is done.

A course seller creates an online course and within himself he decides to sell that course for say #19,999.

In the sales copy that’s selling that online course, he uses what is called value stacking and made this course to be percieved by you as so valuable and then he tags a price to each value he mentions, and at the end of the value stacking, the total values with their price tags he has mentioned sums up to say 100k.

At this point, you have agreed with him that this online course is really worth 100k but he now tells you to not fret out that his not gonna charge you 100k which is what the online course was really worth.

That he will not even charge you half of that price which is 50k, that he will charge you just 19,999, which is approximately 20k.

That he is charging you that price maybe because he understands that things are difficult and economy is bad, so that this is his own way of offering a helping hand.

And that you can only get it at that price for only a little time say 48 hours and failure to get it within that time will make you miss out and should you still want it, you will get it at the normal price of 100k.

You see what I did up there?

you will happy, right inside your mind, you are now saving yourself 80k by investing just the 20k that he is asking from you.Plus the numerous other benefits that buying that course is offering to give you.

That’s the exact same thing showing me those initial houses that their prices was on the high side did to my brain that now made me agree to pay twice the amount an apartment cost in that environment where I got one.

Do not think that this pricing technique can be used for selling online course

You can use it no matter what is it you sell.

You can use it to price the normal products which you may think that they has fixed market price and you will get people buy at your price and not think twice about it.

It may be difficult but that’s not when you know how to pull this off.

What you need to do is to break that anchor which they are basing their pricing decision on and build up yours and once you get them percieving it as such, then they will buy.

It works like magic.

READ ALSO: Marketing Performance: Dos & Don’ts For The Millennial Generation

It all boils down to understanding how the human mind works and then you can have it and get it thinking and percieving what you want.

If you get this super power, selling your goods and services even above what it’s really worth will become very easy for you.

Was this helpful?

In my next post, I did be showing you how one if my friends who imports clean cars from the abroad, saving his clients minimum of 500k that they would have dashed car dealers over here.

Just recently, he saved his client 800k by helping him import his car right from the comfort of his home using just his smart phone, the client went ahead and used the 800k to buy a plot of land in lagos and dashed this my friend 150k.

He does this for clients almost on a weekly basis.

I will be revealing to you how this my friend gets selling cars which are high priced products using this pricing secret I showed you above.

Wriiten by Samuel Franklin Ifeanyi