When you have a high-ticket product, it's essential to have a value ladder including lower and medium-priced products as well.
It's called Price Conditioning, and if you do it right, you can increase your sales exponentially.
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[The following is the full transcript of this episode of The Legendary Marketer Show. Please note that in this episode, like all LM Show episodes, David’s words are unscripted and unedited.]
Hey, what's going on? This is Dave, and I am in a store called Magical Memories here in Vegas. I wanted to show you something that I think this fascinating. It's about pricing structure with your products.
Now, a lot of you might be wondering, or maybe debating, should I price a product or service that I offer, higher. Now, this is not applicable in all industries, but it is many. I always believe in a high ticket purchase or a high ticket offer. Having a value ladder, something that's lower-priced, medium-priced, and higher-priced.
Here's what happened. We're walking through, looking at some of these different paintings. We've got one of Winnie the Pooh. Now, there are original pieces, too, so remember. They're not just copies or posters or something like that. Somebody actually painted this. This is $4800. It's not a big painting.
There's one up here. Maybe it's from a movie. Is that R2-D2? Anyway, that's $12,000. That's an original.
My wife wanted to come in here because our daughter loves Disney stuff. What happened a second ago, was after looking at some of these other pictures, I walked down. We saw one of Ariel down there from The Little Mermaid. Our daughter loves Ariel. It was $850.
And what I said was, after looking at these other ones down this particular row, what I said to her was – and I caught myself as I was saying it – because it was just beautiful. It was it was marketing in the making.
I said, wow, look at this one. It's only $850. Now, $850, that's still pretty big price tag for a painting or a piece of art, or really anything for that matter. But that's the psychology when you price something like that.
When you price something and have something that's high-ticket, then all of a sudden your lower and your medium-price offers look like no-brainers. That's just a drop in the bucket.
I'm going to get back to looking at more art, maybe buying something. Who knows? But again, another testament to having a high-ticket offer and having a value ladder to where you have something that is more expensive.
Because I guarantee you, people are coming through here every day dropping $5k, $6k, $10k, $12k, $15k. And of course, that one over there for $850 looks like a drop in the bucket.
Alright, guys, this is Dave Sharpe. Talk to you later. See you, buh-bye.