Swift Six: How to show the true value of your product
In my latest Swift 6, I’ll be taking you through ways you can show the true value of your product. Convincing people to buy is always tricky and it’s even harder on the internet because you can’t have a one-to-one conversation with a potential customer in order to overcome any objections they might have. For this reason, it’s important to make sure people understand the value you’re offering quickly and easily. That’s what these tips are all about. As always, if you have any questions, please leave a comment.
The first thing is to use really clear pricing. Make it really clear the difference between the different products that you have on your site. If you make it really clear that there’s a difference in the value, you’re doing to help guide the user to make the right choice. If they’re really similar, what you’ll often find is that users find it hard to make a decision about which one is right for them, and then often they will choose to be immobilised by that and actually leave your site.
So make the difference in your product or in your service pricing really clear so they can obviously see which one is the right one for them.
The next thing to try is something called “anchoring”. This is the principle that people rely on the first bits of information that they see when they make decisions. For example, if you have an expensive product that you’re trying to sell, then position it alongside an even more expensive product. The more expensive one will help the user be anchored against the true value of the product and it will make the original product that you’re actually trying to sell appear a lot more valuable. So that’s the second thing that you can try as it makes it look of better value.
The third thing is about trying discounts. Everyone needs to discount their product or their service at a certain period of time. But the point about discounting is that you need to make your discounts really significant. Don’t make a discount less than 10% and in actual fact 20% is what you should probably focusing on as a minimum level of discount. Anything less than 10% is just not going to be strong enough to persuade anyone to buy your product.
The fourth thing to try to show the real value of your product is if you price things per week or per month, try changing the period of time that you are pricing for. For example, if you sell something for £100 per year, then break it down to £8.40 per month. There are lots of studies that indicate that people are prepared to pay less for a shorter period of time, even if in the end it ends up costing them more or the same over a longer period of time. So don’t just consider changing the pricing but consider changing the period of time that you’re selling the product for.
The fifth thing to try to show good value of your product (and this is an absolute classic) – try using the number nine. What I mean by that is price things at £49 rather than £50 or £99 rather than £100. There are countless studies that show that even though this difference is tiny it has a significant impact on the likelihood that someone is going to choose to buy your product. They focus on the first number within two digits rather than the second number. So try using that nine.
The sixth thing to try is to try using the value of context. There are lots of studies that show that people will pay more for the same product if they see if in a certain place rather than another one. For example, that’s why you see some supermarkets really craft their environment and make it appear really sophisticated, expensive, luxurious and other supermarkets might sell the same product but just simply pile them high.
If you’re within an environment where it kind of feels like a jumble sale, where products are positioned in a way that appears like they are value-led rather than price-led, then people will often spend the same amount or even more on a product on these environments.
So, if your site is really easy to use and if it oozes professionalism, then you’re positioning your brand in a premium way. You’re emphasising with your design and your style that you’re selling a product that is really valuable and going to be worth a lot to your customer. So you should, in fact, be able to charge more for your services.
That was the latest Swift Six – How to show the true value of your product. I’ll see you next time.