In episode 22, I’m going to show you how to more products at higher prices and exterminate those pesky little window shoppers and stalkers.
Price shoppers are in every industry. They shop around for the best deal, throw you low-ball offers and throw you lame excuses of why they can’t buy your products when they just bought a $500 pair of socks.
Here’s something to think about:
Maybe it’s not their fault. Maybe you’re the one who’s attracting them.
Simple economics show that merchants want to buy low and sell high. And the opposite goes for consumers. They want the best deal possible without breaking the bank.
So how do you convince them that you’re worth more than 200% of your asking price?
You increase your perceived value.
You have two choices.
Number 1: keep screaming “lowest price guarantee”.
Number 2: show off the value you can bring to their lives.
Use valuable keywords in your copy.
First, don’t use words that cheapen your brand. Words like cheap, bargain and signs of lowest price guarantee automatically trigger a leading factor in a consumer’s decision making.
Instead, use words like you and because. These words add value by showing how a product or service can fulfill their needs.
Look through the copy on your website. Are you guilty of this deadly sin?
Next, create social proof.
Social proof is a psychological principle that can cause people to perform behaviors based on what others are doing or based on what others believe.
The easiest way to understand this is “monkey see, monkey do.”
In fact, 70% of Americans say that they look online for product reviews before making a purchase.
For example, if your friend raves about a new restaurant, you might want to give it a shot. But just in case, you look to Yelp and see unanimous 5 star ratings. Now you have to go regardless of the price.
But what if you saw all 1-star ratings or stories about rats? Chances are, you’d doubt your friend over hundreds of strangers saying it’s the worst place to eat and wouldn’t spend a dime there.
The Internet is a powerful thing.
You can build social proof with product reviews, testimonials and authority logos on your website.
Rather than pushing your customers to leave a review on your website, ask them to leave reviews on websites where your target audience lives.
Use other popular websites as your ‘review’ platforms.
When potential customers are seeing the reviews left on other websites from real people, it will increase your perceived value and the demand for your products and services will go up.
Earn your testimonials.
Testimonials also work great for building social proof. But it’s not about asking your mom to leave you a raving review. You need to look for opportunities with industry influencers that your potential customers will recognize and respect.
Start building relationships with these influencers by helping them. It can be as complex as joint venture projects, as selfless as sending referrals or even as simple as engaging with their content. Ask for the testimonial when it’s appropriate and plaster it on your website for new customers to gain confidence in you.
Slide your way into the press.
Lastly, build authority by earning the use of “featured in” authority badges. Believe it or not, getting a mention in a top publication like Entrepreneur, Forbes, the Huffington Post or the New York Times isn’t that hard.
There are multiple ways to go for press, but the simplest is to sign up for HARO. HARO stands for Help a Reporter Out.
Make a free account, set up your email preferences and you’ll start getting notifications from journalists looking for comments from experts like you.
And that’s it for episode 22.
If you found this video to be helpful, then hit the like button and make sure to subscribe because in the next episode, we’re going to be going into outsourcing your work to freelancers the smart way.
Now I want to learn from you. How do you handle people who are only looking at price? Let me know in the comments below.
Until the next episode, remember to take action because every minute counts.