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Low Prices Do Not Mean Better Products

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There are more entrepreneurs selling their products for lower prices in order to get a higher volume of sales. I am one of these entrepreneurs, and none of my books are over $2.99. Lowering prices will result in a higher volume of sales. You’ll get noticed more because people won’t have to spend as much money to get access to your product.

However, cheap doesn’t mean better. If the product shouldn’t be sold in the first place, it will get refunded even if it’s only $0.99. Not all products can be refunded, and the consumers aren’t going to be happy if they can’t refund a product they don’t want anymore. When these people use word of mouth to talk about you, they won’t be talking about you with praise.

The question of underpricing is a question rooted in the minds of all entrepreneurs. The question comes up every once in a while. The thought of getting more sales entices entrepreneurs to lower their prices. Having 10 people buy a $2 product is better than having 1 person buy a $15 product. This is why entrepreneurs lower their prices.

I am a big believer in low prices to get a high volume of sales. However, if you do go for inexpensive products, are you selling products that are worth their price tag, or are you selling them something that could have been worth more? Is your product worth more than you’re selling it for, or are you selling inexpensive but sub par products?

There are inexpensive options that could have been given more expensive price tags. However, those entrepreneurs choose not to raise the price of their products. Quality products for a low price are going to sell more than low quality products with low prices.

Free, Cheap, Normal, Or Expensive

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When you set the price for your product, those are the options you have to choose from. You can make your product free, cheap, normal priced, or expensive.

Eliminate normal right away. Normal makes you invisible. Safe makes you invisible. Normal is dangerous. Normal isn’t a standard, it’s mediocrity at best.

You’re down to three options now: free, cheap, or expensive. Expensive doesn’t have to mean $2,000. A $50 book would be considered as expensive. A business card holder worth $20 would be expensive. A rubber band worth $5 would be expensive.

These are the benefits you get from each of the prices:

Free products will get the most clients. If you offer a free video, you will get a lot of sales. If you offer a free book to people at one of your seminars, you would lose money, but from the seminar, the result is going to be a profit. Free products can be used to get subscriptions or promote your paid products.

Cheap products are bought many times because the commitment isn’t a strong one. A book that is only worth $3 is cheap. It’s not a big investment although the content in that book can be incredible. People have considered underpricing themselves to get more sales. It is a common tactic with many possibilities.

Normal products with normal prices don’t make it.

Expensive products scare people at first. There are plenty of less expensive products in the other store. However, if a lot of people are buying an expensive product, the most commission is made per sale. If word goes out that hundreds or even a thousand people bought that product, people will realize others are spending their money to gain access to an expensive product. The expensive product must be more valuable than they ever imagined.

Don’t go in the middle. Charging $6 for an eBook is going in the middle. Charging $25 for a shirt is normal. Don’t be normal. Be different.

Your products can only be free, cheap, or expensive in order to have the biggest impact and make the most sales.

The First Adopters

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Decide how well your product does. The first adopters of your product are the ones who decide how well your product does. Most people won’t tell others about your product unless it’s bad.

After the first adopters comes a majority of the other people who end up buying your product. The early majority is followed by the last majority, and then the laggards.

If the first adopters like your product, they will share it. If you please the first adopters, you will be able to please the early majority, late majority, and the laggards. Some of your first adopters are also going to be your top clients. Look for those top clients. They are the ones who are going to tell the most people about your product.

Four Marketing Truths

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  1. Being consistent is not enough. You have to be more than consistent. If you come out with a video every week, that’s great. If you come out with a video every week and one tweet every hour, that’s great too. If you can come out with one video every week, one tweet every hour, and 20 Instagram photos every day (those photos would be related to your niche), that’s superb. I used to only publish 1 blog post every day in the morning. Now I publish 2 blog posts every day, and my traffic has jumped up dramatically.
  2. People want to see what they are actually getting. Back when TV advertising was all well, people were able to see what they were actually getting. People want little tidbits of information whether it is in the form of blog posts, videos, or preferably, both. When people see a lot of good reviews, they are more likely to buy a product.
  3. It’s not about you, but it’s not about all of your clients either. Identify your top clients and shape your business around those clients. They are the ones who are going to come back often and tell more people about you. If you want to learn the whole process of doing that, I highly recommend getting a copy of The Pumpkin Plan by Mike Michalowicz.
  4. The ways to properly market a product are constantly changing. Be aware of those changes and react to them. The future way to successfully market a product is with mobile. In fact, more people are using mobile as the days go by.

Get More Sales With A Variety Of Prices

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Legos have become very popular toys, but this did not happen overnight. The Lego Group was founded in 1932. However, Lego Sets weren’t as famous as they are now. In fact, Lego nearly went bankrupt in 2003.

Now, Lego is thriving. One of the reasons Lego is thriving today is because of its variety of prices. You can get a Lego for as little as $5 and as much as $500. There are shipping fees, promotional fees, and everything else, but overall, Lego makes a profit.

So how does this apply to your business? It’s not like we own the entire Lego company. However, you can create many products with a variety of prices. Dip as low as $3 and as high as $1,000. Chances are that most of your clients will buy your $3 products before they buy your $1,000 products.

You can charge prices between $3 and $1,000 for different products. You can charge $25 for one product, $50 for another product, and $200 for the other product. Give your clients a lot of options, and make sure your price ends in a 7. Instead of charging $5 or $4.99, you should charge $4.97. Ending the price in a 7 leads to the most sales although no one knows why.

The more options you give your clients, the better. Put the spotlight on your three best products that range in price such as the $3 book, the $47 CD, and the $997 membership site.

Any Bad Product Can Become Good

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When a product gets tons of sales, people are going to tell everyone about their product.

When a product doesn’t do as well, people push that product in the corner where it becomes a dust collector.

When a product is doing mediocre, it is left out for a while. If it doesn’t generage enough sales, it is pushed to the corner.

We are so quick to push products that aren’t doing well to the corner that we don’t learn  anything from that bad product. We push it to the corner so it’s out of mind. No remembers what that product was.

That product may have been a bad egg, but you can turn any bad product into a good product. If a book doesn’t have enough content, more content can be added. If a CD doesn’t have good recordings, you can replace the bad recordings with good recordings.

If a toy is broken, the manufacturer can fix it and give it more features. There’s no reason to throw something into the corner. It becomes a forgotten idea; a dust collector.

You started your idea for a reason. You turned it into a product. Don’t give up on it.