By Neil Holley-Williams, 10-Nov-2011 16:07:00
One of the easiest ways to increase your bottom line exponentially, is to increase the value of every sale you make. Here is a secret tip to increasing the value of every sale, without increasing your prices.
Let's say you have two products to sell. Doesn't matter what they are, just that one is a lower value than the other.
Let's say you run a beauty spa. You might have two products like this;
1. Hand and Foot Massage: £30
2. Hand and Foot Massage and Aromatherapy Massage : £100
So you give your clients two choices, and your sales, research shows, says you'll get a fairly consistent split, let's say for example that you are getting a 50/50 split.
If you introduce ANOTHER choice (no 3) in the middle, and make it the same or very closely priced to No 2; research shows that something quite amazing happens.
1. Hand and Foot Massage: £30
3. Aromatherapy Massage: £100
2. Hand and Foot Massage and Aromatherapy Massage : £100
Now, no one ever buys the New 'Odd Man Out' choice in the middle (no 3), and research shows that the introduction of this 'Odd Man Out' massively polarises the buying pattern in favour of the highest price product which previously was split down the middle with your lower priced product. The theory is that most buyers now focus on the choice between no 3 and no 2, and dismiss no 1 altogether. You have miraculously highlighted the VALUE of the higher priced product.
You may get a 30/70 split or even better in favour of the higher priced item (No 2). Work out for yourself what that is going to do to your bottom line.
With a little imagination, you can apply this to any business, product or service.
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CAUTION - This blog contains some of the best marketing advice you will find on the internet today. If you are not careful, you could end up taking action on them and your company could end up growing.
It also contains some entertaining diversions, I hope, news, articles, and stuff about how to get your site found (SEO). Please feel free to pass comment or let me know how you get on if you use some of the advice on here.
Remember if tyou don't test something then you will never know if it works. The mantra of finding the right strategy is "Test, Test and Test"
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