Now you have Cash!

Actually this very process is much more complicated, but I have written this down into a simple formula that works for me. The only thing I have to do is write good information, reach my target market with it, and they will eventually buy from me.

However there is another secret in which you can use this formula! Here is that little secret formula: ( Pw(T) + Pa + Pb ) x U = U x $$$

U here stands for Upsell… That is secret of multiplying your income as easy as 1,2,3!

Upselling is used quite often by best marketers of world, they can reach deep into their customers wallets to get a lot of money out of it. The only thing they do is create better and more expensive products, and sell them to their existing customers.

The marketer knows that customers always wants more when he is happy with a previous product. So now he contacts him about a more expensive product. Then an even more expensive product.

Let me give you an example:

Mr. G buys an eBook about web development for $19 from Company N. Company N does it’s best to help Mr. G with any questions. Company N offers a suite of software for web development at $129, to Mr. G Mr. G buys software suite.

Now you get it? Buy keeping customer satisfied, you transform him into a returning customer. And a returning customer always means more cash!

Adding benefits

Value-added benefits do not replace comprehensive product information but are complimentary strategies to help converting website visitors into customers and giving you competitive edge. Try these value-pricing strategies:

- Special packaging e.g. recyclable containers, gift wrapping with card - Package deals (for convenience) e.g. bundles, "all inclusive" value pack - Fulfilment options e.g. "white glove" delivery service, instant download - Payment options e.g. monthly and yearly plans - Free training material e.g. online manual, video, audio - Personalised service e.g. "I oversee each account" - Free product updates or refreshers (for courses) - Bonus offers - Certification e.g. licence, training certificate

Reducing perceived risks

For new customers, there is always an element of risk in purchasing from a new vendor, especially over internet. These are examples of value-pricing strategies to boost confidence and credibility:

- A professionally designed website - Free trials or samples - Extended warranty option - Free after-sales service - Your credentials, length of time in business, list of important clients - Guarantees of satisfaction "100% satisfaction guarantee" - User-friendly privacy, security and refund policies - Testimonials, endorsements, reviews - Easy access with contact options e.g. toll free number, chat live

Naturally, everyone loves value for money but does not necessarily want cheapest option. What value do customers perceive in your product and how much are they willing to pay? Value comes at a price!

Next time you consider reducing your selling price, think value. "We're not cheapest but...we offer value."

© 2005 Henriette Martel-Lawson