Your value is the amount that you’re worth- how much people are willing to pay you for your product or services. You’re losing customers because you haven’t proven to them that you’re worth what you’re charging.
You’ve spent time working on something incredible, getting it just right. You made sure it was nothing short of perfect.
You’re more than satisfied… you’re excited to launch!
Then, it comes to setting the price and suddenly it feels like you’re about to have a heart attack. How are you going to convince anyone to buy at THAT price?
We’re terrified that if the price is set too high, no one will buy. So, we lower it a little. Still feeling squeamish.
Then we lower it some more and call it a discount.
Solopreneurs often make the mistake of setting prices at the minimum price point required to make a small profit and cover the time invested.
Essentially, we like to break even.
By underselling yourself, you’re doing a disservice both to your brand and to your customers. People don’t care how much they’ve spent after they discover that they’ve received tremendous quality and value for the purchase.
In fact, when they recommend your product (or service) they’ll say:
“It costs _____, but it is worth way more than that. Trust me.”
Validate Your Worth
Tell your customers exactly what they’re paying for. Explain why it’s worth the price you’ve set, what they’re getting and how it will improve their life.
You want your customers to understand how and when they’ll use what you’re offering. Essentially, you’re implementing yourself into someone else’s life. You’re carving a place in their daily routine.
In this new technological era, everyone is obsessed with being “busy.” If we’re on social media, we’re busy. If we’re running errands, we’re busy. If we’re planning our next move, looking up information, researching, spending money, we’re busy.
So you need to make the purchasing process as simple as possible. Tell them what they’re getting and tell them how to get it.
We need instructions because we’re too busy to try and figure it out!
Rack Up Some Testimonials
65% of customers won’t buy from a business if there are no reviews available (myself included).
I work from home, so most of my shopping is done online. I read reviews and testimonials before I buy anything. Often times, the testimonials give better insight than the well-crafted product description.
I want to see how it’s made an impact in the lives of other people so I can weight the value it will have on my own life.
Before you launch your product or service, offer it for free (or highly discounted) to at least three people. In exchange, ask for an in-depth review.
Testimonials should be short and impactful, so you’ll use parts of their review for the testimonies. But, you can use different parts of their product review over and over again where the need fits.
Give them an unforgettable experience
Customer experience is essential to solidifying your brand.
You can be impersonal, throw up a description, add a buy button, and take the risk of never seeing that customer ever again.
You can scan a customer’s product, make a half-ass attempt at an upsell, take their money, thank them for coming, and probably never ever see that customer again.
Or you can win them over with an unforgettable purchasing experience.
- Create an environment where your visitors feel happy, content, and safe.
- Give them real value and stay away from producing “hype”
- Lead your customers straight to the purchase
Overhyping is designed to get people excited. However, too much excitement and we start to get skeptical.
We start thinking about the price, which leads us to think about bills. We start to feel guilty about considering the purchase. We put off the purchase for later because we want to make a rational, logical decision.
You lose a sale.
The goal isn’t to get people excited to buy from you, it’s to get them focused on buying from you. The entire purchasing process should be fluid. In other words, giving up the card number is naturally the next logical step.
Point out the things they want, identify the things they need, show them how you solve both.
SipBlack is designed around this process.
What do my readers want? Financial freedom, financial stability, to thrive in entrepreneurship
What do my readers need? Strategies to achieve their goals, daily motivation and inspiration, a deeper understanding of business techniques that will help them to increase their income
Now that I know what they want and what they need, I provide a solution for both. Anything I ever offer to my audience will revolve solely around their wants and their needs.
When You’re Not Making Sales
Ok, let’s say you’re pricing what you’re worth. You’re sticking with that price because it’s what you’re worth. That’s great, and I applaud you. However, you’re not making any sales.
You’re stressed out and you’re tempted to just dial the price down and get some sort of income.
You want to undersell yourself.
When people complain that your prices are too high, what they’re really saying is that they don’t see the value.
Some things you can do right now to immediately improve the value of your product:
- Take better, higher quality photos
Pictures really do speak a thousand words. The photos you take should be a direct reflection of the type of product you’re selling.
Trying to sell a painting of a sunset photographed in harsh lighting won’t get you many sales.
Are you trying to sell a digital product about minimalizing your life, but your design is colorful and cluttered?
The goal is for your pictures to emulate the culture and lifestyle of your buyers.
- Appeal to one emotion in your description
I see this all the time. Business owners write amazing copy that just appeals to too many emotions. They want you to feel fear and excitement at the same time.
I’ve read sales pages that spend a good portion of their time talking you up, inspiring you, making you feel like an awesome human being only to talk you back down so you’ll purchase their “life-changing” product.
That’s just backward.
- Change your target audience (define people who want and need what you have and are willing to pay for it). Promote directly to them
It could be as simple as selling to the wrong people. What platform are you using to sell your products and is it in the right location?
Is your copy easy to read and use the type of language your customers are used to?
If you can’t get people to move past the first impression, they will never see you’re enthralling descriptions or your mindblowing testimonials
Before they ever read a word you’ve written, they are looking at your design. They will make a snap decision based on your pictures, your format, and the overall atmosphere of your platform.
When I walk into a store, I’ve already made up my mind on whether or not I’ll buy based on the ambiance of the room.
- Add some value, increase the price, offer it along side the original offer
Sometimes your product is so uniquely awesome that there’s nothing to compare it to. You tell them they’re getting a $1,000 value for the price of $497 but how do they know that for sure?
Consumers like options. They’ll buy the $497 package because they know they really like what you’re selling, but they want the cheaper alternative.
Seeing a price tag of $600 beside a price tag of $497 makes the original item seem significantly less expensive.
Through some sort of psychological hocus pocus trickery, people will also develop a sense of trust when they see that you have even higher end products available. Suddenly, they want to get in. They want some of what you’ve got, even if they have to take the cheaper version.
Resources for You
An Open Letter Confessing My Secret Fears as an Online Entrepreneur by Erika [Olyvia.co]
Be Rich as an Artist by Paul Jarvis
What does your audience need and how are you giving it to them? Let me know in the comments below!