"I created Profit Acceleration Software™ so you can BOOST bottom-line profits using the power of compounding growth without spending more on marketing."- Karl Bryan
Day 1216: Your. Client. Pricing. Hacks.
Last week we covered a lot of ground, including how they want my income but don’t want my problems, as well as how My Drunk Aunt started meditating for 40 minutes every morning, and it changed her life.
Speaking of huge changes, like being late for work, losing her job, stopping showering and her boyfriend leaving her….
Dangerous Dave called me this morning and here’s part of our conversation:
Me: Yes, the wrestling match on the weekend was awesome.
Dangerous Dave: Ya, and I was a professional wrestler, I’d want a name that strikes fear in people.
Me: Like what?
Dangerous Dave: Something like “The Appraiser” or “The Underwriter”.
In other news from my BCS podcast…
The stock market is the only market where things go on sale and customers run out of the store.
Anyhoo…
Your one PROFIT ACCELERATION THING today is:
‘Predictably Irrational’
Here’s a pricing experiment on steroids that can make you and your clients a lot of money.
You go to a football game and buy a coke.
There are two options…
$3.50 for a small
$8.50 for the large
Which one do you choose?
If you’re like 80% of the population, according to the National Geographic study, you choose the small cause the $5 price gap is too large to justify.
Now they ran a test to see if they could ‘influence’ your decision-making.
They added a medium coke for $8.00.
New pricing looked like this:
$3.50 for a small
$8.00 for a medium
$8.50 for a large
What happened, I hear you ask?
The numbers flipped and 80% chose the large for $8.50.
We call this the ‘decoy effect.’
You can influence purchases HEAVILY by adding a third option. It introduces a LESS DESIRABLE option compared to the one they want you to buy.
“It’s only 50 cents more”
In a book called ‘Predictably Irrational’ they did a famous experiment with a 12-month subscription to the magazine ‘The Economist.’
There were two options:
$59.00 ‘online only’
$125 ‘online and print’
The magazine clearly prefers you buy the more expensive option but 80% predictably bought the less expensive $59 version.
They employed the decoy effect and introduced a third option.
$59.00 ‘online only’
$125 ‘print only’
$125 ‘online and print’
The numbers flipped and 80% took the more expensive version.
Its simply an experiment of context.
Not to mention, despite what your prospective clients think, people DO NOT BUY ON
PRICE.
If that was true everyone would drive a $5,000 car.
Price is the FIRST question you ask… but far from the most important factor in your buying decision.
Another example from the book that might help you further get your head around this…
People were given three pictures of people from the opposite sex and asked to choose the one they’d date.
There were only two people in the pics… and the third pic was a very slightly distorted version of one of the two people.
Think
A
B
Inferior B
B won by a country mile.
‘Context.’
Digest this and help your high-end clients create a ‘decoy effect’.
The above is why we created coaching products like:
Flash Coaching Software ($2500.00 for 15 min calls with you after they jump through some hoops / do the work).
Group Coaching Software
Your own Business Academy (think membership site on steroids)
200 hours of step-by-step instructional videos to support your coaching (a 30-minute mini-seminar during a coaching call is a BAD way to guide your client and a BIG reason they cancel / get overwhelmed / fall behind. Solution: send them a video and use your coaching for execution and implementation)
You heard it here first.
Now, pick up the phone and go help someone.
Obsessed with your business coaching success,
Karl Bryan
Founder, Focused.com
PS. I already know I’m going to hell… at this point it’s go big or go home. ~ Dangerous Dave
#ZeroToOne
PPS. If this helps and you want it to really sink in… GO TEACH IT to someone cause that’s the best way for you to learn it. A friend, your spouse, a prospect, a client etc…
*Don’t plagiarize my work like a lame arse.
PPPS. Marriages break up from lack of money… over lack of love X 100. Business failures lead to destruction, addiction, depression, anxiety, suicides, and unfortunately, far more.
As good business coaches, we save marriages, save families, save kids from self-destruction… we save lives!
A true life of purpose.
PPPPS. If you’re looking for a proven system to follow for your coaching…. I created Profit Acceleration Software™ and high-end step-by-step training to support it…
We did a training that will teach you ‘A strategy that can DOUBLE your clients’ bottom-line profits using exponential growth without spending more on marketing.
Imagine finding your high-ticket coaching fees BEFORE you start coaching your new clients?! And a proven coaching system created for you to follow with your new coaching client.
Access the free training here
PPPPPS. Forward this to someone that needs to subscribe to my daily emails and get a limited-time, complimentary subscription to my business coaching magazine go here:
https://thesixfigurecoach.com/
PPPPPPS. They tell me my Podcast is Ric Flair style, Money Makin, Client Getten, Joint Venture Landing, Event Fillin, High-End Coaching Client Findin Gold For Business Coaches.
Karl Bryan, Creator of Profit Acceleration Software™
Karl Bryan gets clients for Business Coaches...period. He is the Founder of The Six-Figure Coach Magazine and creator of Profit Acceleration Software™ that shows you how you can BOOST bottom-line profits of any business using the power of compounding growth without spending more on marketing. His goal is straightforward… to help coaches and consultants get more clients.
Get a demo of Profit Acceleration Software™ at focused.com.
