There’s An Even More Important Part

Let me ask you a question. What is the first thing you want to know as soon as you’re interested in buying a product or service?

Well, if you’re like most people, you probably want to know the price. You want to know exactly how much the product is going to set you back and whether you feel like you can afford it.

And here’s where it gets interesting… The factors telling you and your customers there’s just not enough money to purchase a product are what make up an objection known as price resistance.

The good news for you is…

Overcoming Price Resistance In Your Prospects Can Be Easy!

But, before we get into how, you need to know the reasons behind why your prospect buys in the first place.

By understanding this, only then can you defeat the factors that prevent them from not purchasing your product based on price.

And, as a result, you will increase your conversion rates because your prospects are no longer held back by how they feel about the amount in their bank account.

Consider this:

If you were to ask the average person why he or she just bought a teeth-whitening kit, what do you think the answer would be?

By and large, the reply would be based on logical reasons… such as it whitens his or her teeth or that it keeps his or her teeth looking healthy.

But, that is not the real answer. The truth runs much deeper. Why does anybody want to whiten their teeth? What does it get them?

The answer is that it creates positive emotions. The feeling when he or she gets a compliment from a friend… or when he or she attracts a member of the opposite sex.

Every Single Product Is Bought Based On How
It Makes The Consumer Feel!

But, just try telling a prospect their decision to buy was not based on a logical reason, but an emotional one.

Chances are the consumer would resist this because everybody wants to believe they are purely logical beings.

There is a common misconception that acting on emotions is bad… when emotions are in fact what run the world. Every single action is driven or motivated by emotions (or the feelings you receive by obtaining what you desire). Without them, nothing would ever get done.

For example, what’s pushing you to read this article are the feelings you get when you think about increasing your revenue by what you learn here… Or even deciding to go to your favorite restaurant is because you feel good when you’re enjoying a meal.

The quality service may give you the feelings of importance, the atmosphere may cause you to feel calm and relaxed, and the food may remind you of your childhood or a positive time in your life. Have you ever noticed that food always seems to taste better when it is shared at a special time with friends or family?

So, don’t hesitate to push your prospects emotional buttons.

When you don’t, the negative feelings that make prospects feel like they are too poor to afford your product take over. But when you do, you make those same prospects feel like they are crazy not to have your product or service at any price.

Your prospects will even find a way to afford it if it gives them the feelings they desire. With that said…

The Logical Reasons Are Still Needed To Close A Sale

If your prospects are worried to death about what they’re going to tell their wives or husbands, then you’re currently losing a lot of sales.

So, tell them exactly how they’re going to explain the buying decision to somebody else. Take all the negative thoughts off their mind so they can follow their desires and buy your product or service.

For example, a person may justify buying a new stylish looking computer that makes them feel excited over a cheaper version because of the logical reason it’s “superior quality.”

This means your job as salesperson is to point out these facts to the customer, even though they are not going to make their real buying decision based on it.

Additionally, your prospects want to be re-assured they are making a wise decision because they are afraid of making a costly mistake. Logical reasons help eliminate fears your prospects have so they can buy.

Now, so far, you’ve seen the important roles emotions and logic play in the sales process to overcome price resistance. So let’s apply your new wisdom to strategies you can implement moments from now with…

Seven Quick and Easy Ways To Break Down Stubborn Price
Barriers Built-Up Inside Your Prospects!

1. Understand people have fixed ideas about what products should costs and adjust your description accordingly.

When you go to a bookstore and pick-up a book, you already have a general idea of what it is going to cost.

If it is a thin paperback book, it is going to cost under $10. So, if you walk into a bookstore and find a paperback book you like costs $47, you’re not likely going to buy it. Instead, you’re probably going to feel outraged because it should cost $10 like all of the others!

But, what would happen if instead of buying it in paper back form, it was only being sold from a single seller in spiral bound form and called a “Massive, 204 page heavy-duty report.”

How much is that supposed to cost? There isn’t a set cost in most people’s mind for that so the sky is the limit.

You see, you must take into consideration that prospects have set ideas about what products are supposed to cost. And, by changing how they perceive your product, you can quickly overcome this form of price resistance.


2. Make your prospects feel like they are getting an exclusive deal… and even more… others are missing out on it.

An overlooked factor in people’s marketing is that there is a huge difference between a product or service that everybody can have… and one where only select few can get it.

When only a few people can get a product, then it makes them feel special, even prestigious. Everybody likes to have something unique that others do not.

It’s the same emotion that drives bids up in auctions. When only one person is going to get the product, price resistance declines. The feelings that come with owning a rare product overcome a rising price.

So, here’s how you can easily put it in your websites:

• Limit your product or service in quantity or in time (how long it’s being sold for). People want to feel they are getting the best possible deal and scarcity changes their thinking from “still shopping” mode into wanting to make a decision right away because they don’t want to miss-out.
  
  
• Re-iterate that once your product is sold-out, it’s done… Even if the customer offers you thousands of dollars, it’s useless. Your offer is so exclusive, money alone can’t get it for you.
  
  
• Create offers just for special subscribers and customers. This may be a lower price, a more flexible price with a payment plan, or bonuses others don’t get.
  
  

3. Compare apples to oranges. All this means is that you don’t want to compare your product to a similar product, but a more expensive option. Additionally, you want to point out the weaknesses of the more costly product.

For example, a personal trainer costs $5000.00 a year, but a weight loss is system only costs a mere $97 for a lifetime. And, you get to exercise on your time… or maybe not have to do any intense workout at all!

This comparison is opposed to contrasting your weight loss system to a similar one, which may cost more, perhaps several hundred dollars. Although it’s still more, it does not have nearly as big an impact as $5000.00.


4. Change the appearance of your price.

You can change the initial reaction your prospects have when they see your price with a few formatting tricks.

The first way is to just add decimals and commas at then end of a number when you want it to appear large and take them off when you want them to be small ($2,000.00 vs. $2000).

Another way is to test your price. Online, many people believe it is better to use 7 at the end of your price (such as $47 or $97, $147).

However, you should keep in mind that this is not always the case. If you look at infomercials or inside retail stores, they usually use 5 or 9 (as in $8.95 or $7.99).

You should test to see which one works best for your product.

Another point regarding price is you will find each product will have price points that dramatically reduce response. For instance, $49 may do half of what $51 does. But, response won’t drop off again until $99, which is twice as much.

For this reason, you should try to get the price as high as possible before you see a significant drop in response. Every market is different regarding how they see price, so test it.

Also, keep in mind a higher price has been sometimes known to increase response (so don’t assume a high-price means a lower response).


5. Create an irresistible deal to minimize price as an issue and make your value stand-out over competitors.

An always-effective way to make any price seem minimal is to give a lot more value than competitors. This encourages action because the prospect knows he or she is not going to get a better deal somewhere else.

Let’s get into how you can easily beef-up your offer:

• First, craft a superior guarantee. A common example of this being used to reduce price resistance is to say, “I’ll beat any of my competitors’ prices if you find a better one later.” Another one is: “You can be so certain this product will work for you, you get a 110% guarantee” and then you give the customer something extra if he or she is not satisfied (such as additional cash-back or a premium).
  
  By taking the risk off your customers’ shoulders, then they can always think if it does not work out, they don’t lose anything. When the customer does not have to worry about losing his or her investment, then the cost seems much lower.
  
  
• Second, give away special bonus gifts customers won’t get if they were to go with a cheaper competitor. For example, you may point-out that your price includes bonus gifts worth more than they have to pay. And this means the customer is getting double (or more) the value for their money.
  
  
• Third, offer payment plans for high-cost products. By putting the cost into bite-sized pieces, you’re making it more affordable. It is a lot easier for a person to find the money to buy your product or service when he or she does not have to come-up with the full price right away.
  
  
• Fourth, delay the pain with free trials or waiting to charge the customer’s credit card for a time period (such as 30 days). This is a very powerful option to increase your sales. When the customer gets to put off having to pay for the product, then he or she is much more likely to go for it. This is because people will do anything to avoid immediate pain, but worry much less about the future. After all, nobody knows exactly what his or her financial status will be in a month or two.
  
  
• Fifth, make your product or service seem as though it can only be purchased from you… and only right now. Even if it can be bought somewhere else, come-up with an advantage they get from buying it from you (such as quicker shipping, a bonus, point-out a benefit others don’t, even tell a unique story).
  
  Don’t let your customers think for a second they can go to a store and get it later, or possibly get a better deal somewhere else. Instead, tell your prospects that you’re not just another vendor… because if they feel like you are, then they are only buying based on price and are more likely to shop around.
  
  A much better option to slant the playing field in your favor is to focus on building customer loyalty. When customers have done business with you before and have a relationship with you, they are less likely to feel you are offering an unfair price.
  
  
• Sixth, reduce any effort involved with your product to a minimum. Your customers consider products that have work as a big expense versus another product that does not require effort. It’s like moving into a fixer-up house versus a brand new one. The fixer-up maybe a heck of a deal in price, but the cost is large in the amount of effort it takes. Most people choose the new one. If people can avoid effort, they’ll often pay a higher financial price.
  
  
• Seventh, don’t talk too much about the long-term benefits the customer gets, but rather, emphasize what they get right away. This goes back to offering delayed payment options. Your customers care most about what they’re going to get in the short-run… and less so about what happens in the future.
  
  

In summary, putting together an offer that reduces price resistance significantly boosts your conversion rates.


6. Have an effective call to action.

Don’t only talk business when you are in the close phase of sale. Instead, remind prospects of the emotional benefits they get once they own the product.

Remember, how they perceive your price and their decision to buy is based on emotion. Talking only about pricing and facts when closing the sale won’t stir-up the one factor that makes your prospects want to buy.

So, reiterate the strongest benefits the customer gets and paint him or her a picture of what the end results will be.


7. Last, but not least, educate your prospect as to exactly what the price you’re charging gets him or her.

You see, when your customers do not fully grasp what your product is going to mean to them, the price you charge is going to seem like a lot more. This is opposed to how customers feel when they understand how their life is going to be easier, simpler, or more enjoyable with your product.
For example, a weight loss product would point out the difference in customer’s lives with the product and the contrast of life without it.

• This means the choice the customer has is to look good and feel better than ever before…
  
  
• Or continue to live life as a “second-class citizen” where they don’t feel as good as they should and may get negative treatment from others.
  

By doing this, you increase your product’s perceived value and it allows you to justify a higher price. Your prospects can enjoy the emotional benefits they want or can continue yearning for them.

Conclusion

Price resistance is made-up of emotions telling the customer not to buy your product. By stirring-up the ones that cause him or her to purchase instead, price is no longer an obstacle in closing sales.

Your conversion rates will skyrocket, and selling loads of high-end products or services that costs thousands of dollars can be accomplished with ease…

Because you now know how to sell in a way that
shows your product or service is a no-brainer!

The customer understands why it costs far too much for him or her to go on without it.


Respectfully,


Hans Klein