Raise Your Prices!

Ok, after that spot of fun in my last post (life’s too short to be serious), I guess it’s time to write about things a bit more ahem… serious.
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Like money stuff.

Anyway, I learned a tip from a marketer, Sean D’Souza, about raising prices for your products. He shared that most businesses are terrified of raising their prices because they’re afraid that it’s going to scare away customers and all that stuff.

And when these businesses reach a point where they must raise their prices (or go bust), they’re so horrified about doing it that they raise their prices quietly, hoping that their customers don’t notice (right…).

Well, Sean offers a way to flip your perspective round.

Imagine you’re at the petrol station and you discover that that petrol prices are going to increase by 20 cents a litre tomorrow, will you fill just $10 worth of petrol or fill the whole tank?

The answer’s obvious, isn’t it?

So make a BIG deal about raising your prices and shout it out to your customers! Which was exactly what we did for Secrets Of Self-Made Millionaires.

SSMM has been selling for US$97 for the more than a year now and, in my opinion, is seriously undervalued. The original physical boxed set of the product sells for S$527 (approx. US$350) and to be able to purchase it digitally for less than a hundred bucks is a steal.

So with that reason and a couple of others, we raised the price from $97 to $147 and we let our customers know that we’re doing just that.

And they rushed to grab the product before the deadline of the price increase. So in the process, we netted a nice bundle and we had many more people discover more about our products and how it could help them achieve their goals.

The other plus points were that now we could offer even higher commissions to our affiliates which makes it even more attractive and now the perceived value of our product has gone up. We also attract better quality customers who are willing to fork out a higher price for their education and who are more serious about taking action.

So raising your prices can be a very good thing. In fact, we may plan to raise the price even further in the future ($147 is still way below $350), maybe $197 would be a nice price point. We’ll see…

PS. If you’d like to know more about Sean, you can check him out at www.psychotactics.com. He’s not your usual Internet marketer type of guy, he’s a lot more entertaining, unique, and I always look forward to his emails. Nice chap…