When people come to your site and don’t buy, what is the first thing you assume is wrong? I bet you think it’s your price. Maybe. The truth is you have to think about what makes people buy, and price is not always a factor.
There are many reasons people aren’t buying from you. Some include:
1. They don’t need your product.
2. They don’t need your product right now.
3. They don’t see the value in your product.
4. They are unsure that you will deliver what you are promising.
5. Your price was too high compared to similar competitive offerings.
So if you really feel price is your problem, then here is a way to test it.
Don’t lower your price permanently but instead offer a one-day only special with a coupon code for 50% (or pick a percentage in which you will still earn a profit – don’t take a loss). Make sure customers know it is TODAY ONLY. If even at 50% off they are still not buying, then you know it’s not your price.
Do you know that too low a price can hurt you as well? If someone really loves or wants an item, and you have created that must-have feeling in the customer, price usually isn’t an object (unless it is obvious that you are completely overcharging). Sometimes too low a price makes the customer feel the product is cheap and of poor quality. So trying to undercut everyone will not always work in your favor either.
Do you know what makes people walk away from an online sale more than price? Shipping charges. Especially if you live in one country and you are buying from another. There have been cases where the shipping ends up equaling the price of the product. So sometimes it is better to offer FREE SHIPPING and buffer the cost into your product price. When a customer commits to your price and then gets to the checkout and sees it has doubled due to shipping, this is not the same exchange anymore and they WILL change their mind.
FINAL WORD: So, offer a fair price based on what it costs you to make your product and allowing for a profit, compare it to your competitors’ prices, test it with your market, and then make sure your customers understand the value that comes with this price.
IF YOU ARE NOT MAKING SALES, I can help! My new marketing ebooks will tell you everything you need to do to successfully sell online, whether you are established or just starting out. The early reviews have been great! Click HERE for more information.
PLEASE LIKE this post using the button below and follow my RSS feed to know when new articles are posted.
PLEASE SHARE this post on social media using the share button below. Thanks!
© 2012 G.B. Oliver. All rights reserved.