Nine Nine Lab

💥 Tips for answering price challenges!
⠀⠀⠀⠀⠀⠀⠀⠀⠀
👀 Best to get your practice in now.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
👉🏼 Keep negative emotional responses to a minimum.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
👉🏼 Use it as a learning opportunity.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
🤔 Has your price been challenged? How did you respond?
⠀⠀⠀⠀⠀⠀⠀⠀⠀
👇🏼Tell me what you think below.
⠀⠀⠀⠀⠀⠀⠀⠀⠀

⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀

📱 The pricing mastery of Apple.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
👑 The kings of premium pricing.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
🪝 Apple does a great job at getting us hooked on their products and willing to spend the money.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
😎 Here are some of their clever pricing tricks:
⠀⠀⠀⠀⠀⠀⠀⠀⠀
✔️ The use charm pricing because our brains read £999 as way lower than £1,000!
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
✔️ They use anchors! No MacBook below £999 tells us that the cheapest one you can get is already pricy! But with the premium version at £2,399, £999 doesn’t seem so bad!
⠀⠀⠀⠀⠀⠀⠀⠀⠀
✔️ And lastly, they’ve got 3 options, utilising the good-better-best principle. That way they cause the pause of “Oh but the middle option is only £300 more than the cheapest one” making us more likely to spend more!
⠀⠀⠀⠀⠀⠀⠀⠀⠀
💭 Interested in part 2 of Apple’s tricks?
⠀⠀⠀⠀⠀⠀⠀⠀⠀
👇🏼Tell me what you think below.
⠀⠀⠀⠀⠀⠀⠀⠀⠀

⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀

👆🏼 Time to increase prices and want to know how to tell your current clients?
⠀⠀⠀⠀⠀⠀⠀⠀⠀
👏🏼 Here are 5 tips to land the message successfully:
⠀⠀⠀⠀⠀⠀⠀⠀⠀
1️⃣ Give advance notice. Aim for at least one payment cycle in advance.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
2️⃣ Pick the right time. Ever noticed how Netflix does it every January while everyone’s still on a New Years buzz?
⠀⠀⠀⠀⠀⠀⠀⠀⠀
3️⃣ Provide an explanation. Focus on the quality of your work and how you’ll be able to maintain or increase it as a result of the price increase. DON’T OVERPROMISE!
⠀⠀⠀⠀⠀⠀⠀⠀⠀
4️⃣ Don’t wait. Do price increases regularly. Smaller increases more frequently feel less painful than one large one all at once.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
5️⃣ Close with an opening. Don’t announce the change and run, even if your instinct tells you to. Leave the door open for customers to come with questions.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
☝🏼 And remember, price increases are a completely normal part of doing business. They are necessary!
⠀⠀⠀⠀⠀⠀⠀⠀⠀
💭 Practice makes perfect. Is now the time for a price increase?
⠀⠀⠀⠀⠀⠀⠀⠀⠀
👇🏼Tell me what you think below.
⠀⠀⠀⠀⠀⠀⠀⠀⠀

⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀

💣 9 is old news! You should end your prices in 7!
⠀⠀⠀⠀⠀⠀⠀⠀⠀
🧐 Or should you?
⠀⠀⠀⠀⠀⠀⠀⠀⠀
0️⃣ In reality, there’s zero empirical research supporting the claim that prices ending in 7 increase sales or conversion!
⠀⠀⠀⠀⠀⠀⠀⠀⠀
🤯 Shocking right?
⠀⠀⠀⠀⠀⠀⠀⠀⠀
😱 Why do it then?
⠀⠀⠀⠀⠀⠀⠀⠀⠀
👯‍♀️ Well, because of this myth, many internet marketers have adopted the pricing style.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
🗺 It’s everywhere, so customers are familiar with it.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
☝🏼 And there is a benefit in showing prices that customers are familiar with. It lowers the cognitive load.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
😉 So if you choose 7, know that it’s because of the crowd effect and not science.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
👇🏼Tell me what you think below.
⠀⠀⠀⠀⠀⠀⠀⠀⠀

⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀