Copy Tip 38: Two More Ways To Reduce Your Perceived Price
It’s a good evening for writing … after a rather warm day (over 36C/97F, and with three days ahead all over 40C/104F) the evening is cooler and my brain is more switched on!
So a few blog posts to get into full swing as school holidays end and everything gets back to regular pace.
We’re talking still about “price contrast” — ways to lower the perceived cost of your product or service in the eyes of your prospect.
So far we’ve covered:
- Stating your price in another way
- Comparing your price to other ways of getting content
- Comparing your value to competitors or alternative products (eg silver/gold package options)
And my final contribution on this topic covers two final (and related) price contrast tactics:
1. Showing how your price is effectively “Free”
What I mean by this is clearly demonstrating that the return on investment your client will get as a result of investing in your product or service will be well in excess of what they pay.
You can then show how your costs are met from profits they’re not currently realising — effectively meaning your costs are “free” because the extra profit received is higher than the extra cost.
This is one “LRBN” — a logical reason to buy now — a prospect can justify their investment based on their expected future returns.
They’ll still may need to pay for it now — although your product or service might allow for progressive payments, to help strengthen the persuasive nature of this approach.
Better still, a strong guarantee also helps back up this tactic … you are certain of your results and use risk-reversal to make sure the prospect has no risk in saying “yes” to your offer.
2. Compare to something your client already knows
A final way I want to share with you about minimising the impact of price is to take your price and compare it to a cost your prospect already knows.
You often see this expressed in terms of “that’s like the cost of just a cup of coffee per day…”
But when you’re talking one-on-one with prospects and providing proposals and estimates, you can take this a step further.
It involves you knowing in advance though the profit and returns the prospect will get from your product or service.
Here’s an example:
Let’s say you know your prospect earns $500 profit for every new client they acquire.
And you have a product or service that attracts new clients for the prospect.
If your product cost $950 — you could demonstrate that the prospect only needs to acquire two new clients and they’ll already be in front in terms of the value returned from their investment in you.
They’ll then be able to keep using your product or service “effectively for free” because they’ve already covered their costs and now they’re earning extra profits.
(So you can see from this how these two approaches can be combined).
Before You Use This …
This is especially effective — and a great approach — when you know both the likely profits your prospect will earn (so ask them as part of preparing your proposal!) and you can relate that to an easily achievable outcome (acquiring just two new clients).
It also means your prospect needs to know the value of their customers so you may have a little work to do there to get them to determine this important figure.
What’s coming up
Next tip, we’ll look at the common question about how long your copy should be!
Until then, keep smiling!
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