038 The Invisible Touch – Tiered Pricing
The First Key: Price
Years ago I learned about the "Sears" method of good, better, best.
Some people are satisfied with enough. Others want more. And still others want the most and the best.
In my photography business, I always offer what one of my marketing gurus called "the Whopper" (named after the sandwich, which was named after the very common word to mean Really Large).
And in this Whopper I offered EVERYTHING. No one in his/her right mind would want this package.
Things like a reception for the bride and groom one week after the honeymoon: we'd get a hotel suite, have drinks and party food, and then show all the wedding images to their 20 closest friends. It would be like going to the Academy Awards and THEY would be the stars.
And let's face it: that COSTS a lot for me to provide so that has to have a High Price as well.
This "package" also had the largest album with the most images in it. And it had a LOT more.
Tiered Pricing, or Package Pricing, Can Earn You More
Not everything has to be offered in a "package," but we often find that offering a package makes you more money.
Why is this?
Because sometimes there are things (like the party I just mentioned) that are only available IN that package and NOT a la carte.
So to GET that party at the hotel after their wedding, they would have to purchase my largest and most expensive package.
And think about it: if they purchase a lower-price package, they are still getting the photographer worthy of charging that top "Whopper" price.
So, for round numbers (and as example only) let's say the TOP package is $15,000 and the next one down is $11,500 – the buyer feels he/she is getting a $15,000 photographer (minus a few things they didn't really "need") for only $11,500.
See how that works?
Tiered (or Package) Pricing can be a great way for you to earn more.
Build this into what you offer and test to see how effective it can be for YOU!
Best,
Charlie Seymour Jr
Blogging, Podcasting, Consulting
The Invisible Touch – A Marketing Blog Series By Charles Seymour Jr
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Charlie Seymour Jr is an entrepreneurial evangelist and marketing-success coach helping individuals and companies (up to $100MM) explode their success through online and direct-response marketing. He specializes in blogging, podcasting, photography, video, and Facebook applications. Visit his blog at http://bit.ly/24eYTO to learn more about his successes.
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Fallacies of Marketing
038 The Invisible Touch – Tiered Pricing
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