Format: MP3 Audio Download
Utilizing smart pricing strategies when selling products, or services is a must to succeed in today's highly competitive market. By pricing strategically, contractors have the opportunity to increase sales without reducing prices, or use a higher price that will actually increase sales. This workshop will take a look at some fascinating concepts in behavioral economics. Contractors will develop an improved understanding of the different ways they can make their price more appealing to their prospects.?This session will be presented at all levels.
1. Goldilocks Pricing: Contractors will learn how to establish a "good, better, best" product offering designed to upsell the????? majority of their customers.?
2. Anchor Pricing: Contractors will learn the value of establishing a price point [anchor] which customers can refer to when making decisions. Once an anchor is set, the customer makes adjustments based on the bias formed by the anchor.?
3. Decoy Pricing: Decoy pricing is a pricing method that is meant to "force" the customer to choose the product you want to sell. Contractors can maximize their sales opportunities by using decoy pricing to influence the customers purchasing decision.
4. Charm Pricing: A wide body of research has confirmed that the magic of nines, or charm pricing, is due to the fact that consumers read from left to right with precipitously decreasing attention. Simple tweaks to the proposal price will prompt customers to perceive the price to be significantly lower than they actually are.
5. Bundle Pricing: In bundle pricing, contractors can dramatically increase the perceived value of their different upsell packages. We will show contractors how to upsell the customer on different system upgrades and then bundle those upgrades into their different packages making those packages seem like a no brainer."