How to increase sales with pricing strategies
Last week I shared how to enroll hundreds in your cleanse or detox, with a focus on the power of partnering.
Another factor that impacts your enrollments, especially in higher-priced programs, are your pricing strategies.
If you are wondering how to create pricing strategies that will maximize your enrollments, you’re going to love this week’s article.
When looking at pricing strategies to increase sales, you want to focus on a few factors:
I recently had a conversation with a client who is in the middle of running a four week program and she said to me, “this program is worth way more than what I charged.”
My response was GREAT! This is exactly how you want your participants to feel. They should feel like they got much more than they paid for. You want the value of your program to be at least triple the cost of the program.
You’re in business because you are passionate about helping others, but you’re also in business to make money. When pricing your programs, do some quick math to make sure you are making a profit.
If your program is a short cleanse or detox, part of your profit analysis should take into account what you will make on programs your participants sign up for after the cleanse or detox.
For example: If you offer a detox for $97 and after the detox you enroll 25% of your participants into a private coaching program, you will want to include the profit you are making on the private coaching program. In this scenario, it is less important that you make a significant amount on the cleanse, because you are using the cleanse as low priced introductory program that helps to “sell” people on your private coaching programs.
3. Easy Yes
Making the value of the program at least triple the cost of the program, as we discussed above, is one way to make it an easy YES for your participants.
The other way to increase sales and make it an Easy Yes is with creative pricing strategies.
Here are 3 Creative Pricing Strategies:
- Offer an Early Bird Discount Price
Make your early bird discount price the dollar amount you envision it is worth, and then make the regular price significantly higher. This will motivate your participants to take action.
- Offer a Pre-Sale
Offer a pre-sale and open the doors to your program 2-3 months in advance. Then, offer a payment plan where they make a smaller monthly payment for several months.
- Offer an Extended Payment Plan
This is similar to the pre-sale idea, but doesn’t require you to open the doors several months in advance. If you are offering a program that is 4 months long, you could offer a payment plan with 4 monthly payments. This will guarantee that they have made all of their payments before the program ends.
Another example of a pricing strategy, in this scenario, is to have a payment plan with 6 monthly payments – where the last 2 payments are made after the program ends. This simply lowers the amount they are paying each month, which can help to make your program an Easy YES.
Post your questions or thoughts below so I can support you in creating a pricing strategy that will be an Easy YES. And of course, if you know someone who can directly benefit from this post on how to increase sales with pricing strategies, please share it with them as well and ask them to post their comments or questions below.