Whenever I’m working with a coach who’s hesitating on raising their fees, the big sticking point is usually their belief that it’ll hurt sales.
It sounds like common sense – you’d assume that something would sell better because it has a lower price, but it’s not necessarily true.
I remember reading a story once about a jewelry store owner that was having trouble selling turquoise pieces that she had in her inventory. She tried everything she could think of to sell them, but had no luck …
The night before leaving on an out-of-town buying trip, the frustrated owner wrote a note to her head saleswoman:
“Everything in this display case, price x 1/2”
When she got back a few days later, every piece was sold!
But guess what? The salesperson misread the “1/2” on the note as a “2”, and doubled the prices instead of cutting them in half.
They sold out because the tourists coming into the shop naturally equated the higher price with quality, and snatched them up.
In his book Dart Board Pricing: A Systematic Method To Increase Prices (Without Losing Clients), Sean D’Souza writes:
“Time and time again, we are bombarded with the fact that lower prices are better for sales. And yet, there are hundreds, perhaps thousands of untold stories of higher prices – and clients choosing higher prices …”
Sean’s book outlines the psychology behind higher pricing, but it’s not all theory.
In that book (and the others in the set), he shows how you can actually sell more with higher prices.
You have until Sunday at midnight EST to grab the bundle of three books, plus a bonus interview transcript.
Head over here to get them:
