Do you know what the problem is when selling a product or service? Even the best-qualified customers (ones who could really use it) can come up with dozens of excuses about why they shouldn’t buy it. So your customers leave and your sales under-perform.
Trouble is, even if it’s the best product in the world, accompanied by the finest whiteboard video ever, selling said product is still a “yes or no” kind of offer. And it’s always easier to say “no” and let things remain as they are, as opposed to saying “yes.”
Today, you’ll find a way to fix it with a simple re-framing of the offer – let’s dive in.
The power of “yes or yes”
Next time you are selling something, give your customers 2 options:
- a regular product at a normal price…
- …or a premium product (with a bonus) priced at 10-15% higher.
It seems like the simplest and most obvious thing ever, but it works wonders with consumer psychology. When confronted with a regular offer and a bonus offer, most people will stop thinking about walking away from the offer, but will focus on refusing the bonus instead.
What does this mean for you? Lower odds of losing a valuable customer and a bigger bottom line thanks to a smart pricing strategy.
Why it works so well
This strategy targets two aspects of consumer psychology:
- preference for clear benefits (we like bonus offers);
- loss aversion (FOMO – fear of missing out).
Re-framing the choice from a “yes or no” into a “yes or yes” works brilliantly for any commercial offering, whether it’s a product or service.
The best part is, your customers become less likely to choose the regular (more inexpensive) version of your offer! Not only will you walk away with more sales using this strategy, it will also significantly increase your revenue-per-customer. What’s not to love?
Make it work for you
Create an irresistible bonus for your current product or service, price it at 10-15% higher, and offer it to your prospects next time they visit your site. If you rely on whiteboard videos to sell your stuff, it will make sense to make a separate video for the “premium” offer, or add a “bonus” part to your main sales video. You’ll be (pleasantly) surprised at the results of this little experiment!
Have you ever used premium or bonus offerings to boost sales? How did those work out? Let us know in the comments!