So many business owners love making sales but hate the selling side of things. With email marketing, you can use psychology to generate sales without actually having to sell to people.
Email marketing gives you the ability to generate sales and inquiries that can turn into clients. I’ve been speaking to Rob and Kennedy, who run Email Marketing Heroes, about how pricing and email marketing can combine well together.
When it comes to pricing, we often think in terms of being competitive. We want to be competitively priced. It’s easy to start thinking about undercutting others or charging less because you’re new. You’re desperate to get out there and get some experience.
Another option is to charge the same as others in your industry. This keeps it ‘nice and fair’. Or you could go with a higher price if you want to look more exclusive and expensive.
But if you want to stand out, it starts with your marketing and branding. If you can stand out, in terms of how you look and how you brand yourself, you can price accordingly. You’re no longer in competition with others.
When you decide to brand yourself according to what makes you different, you’re making an apples to oranges comparison. You’re creating an environment of zero competition, and your price can then reflect that.
Look at what makes you different. It could be how you teach what you do, or the process you use with clients, and how you say things. You want to stack the uniquenesses you’ve got, so you become irreplaceable, and there is no one else who compares to you. Focus on those things for your positioning - as that then impacts how you price things.
Position yourself as a personal brand, and your clients can feel like they’ve built a relationship with a person. It not only helps them, but it helps you too, as it helps illustrate why you’re worth paying more for.
When you start looking into charging premium prices, it’s easy to get in your own way. You start questioning whether anyone will pay those prices and thinking about how the conversation might go. You imagine saying that number to clients who are paying your lower prices or people who aren’t your right audience. And immediately imagine them saying no!
You obsess over making it sound better, looking at how you can stack it and make it sound valuable. But no matter how you word it or position it, if you’re trying to sell to the wrong audience, they’ll never buy your brilliant offer. In contrast, the perfect audience will buy a mediocre offer.
The truth is there’s a market for everything. All you have to do is figure out your audience.
If you want to avoid creating a mediocre offer, you need to carry out testing with your audience. Without testing, you’ll be continually tweaking the wrong things and second-guessing yourself.
The easiest way of doing this is to create a terrific offer that solves a problem and then find the people who will buy it. You want to ensure you’re able to stop them and grab their attention, get their interest and move them into considering it. There will always be people who want to buy cheaply. However, if you’re charging premium prices or looking to up your pricing, you need to find the right people for those pricing levels.
Specific customers buy within a certain number of pricing levels and have price levels they will never go to. So you may need to change the ‘who’ part of your targeting, but not necessarily the ‘what’. You can then decide to not work with certain people, as you know they’re not going to pay those prices. You don’t want to make them feel uncomfortable about how expensive it is compared to their budget.
You mustn’t be using your audience as a reason not to put your pricing up. If you want to work with small business owners, don’t reason that they can’t afford to work with you, if you put your prices up.
Instead, get clear on what a small business means to you. Is it someone who’s brand new with a zero turnover, or someone who’s doing less than £50k a year? Because they’re both different markets.
It comes down to knowing your client avatar. When you target the right people, you can offer them the most value, the most help. And you’re not going to waste their time or money. Focus on the wrong people, and neither of you is going to get value from it. Nobody is winning or moving forward.
When you focus on the right people, they’re looking at you for the solution. They’re looking to buy from you. You then have to go and serve that market, show up and be great. It’s not necessarily about pricing premium for everything - it’s about knowing your audience and making decisions accordingly.
Email marketing is such a high return on investment activity. Statistically, it beats every other type of advertising and marketing and is suitable for any sized business.
When you know your pricing and have tested your audience, you can start putting out emails that will make you more sales. If you know who your audience is, you use your emails to talk to them without making sales calls. It can all be said in your email marketing messages instead. You don’t have to have tricky conversations or use pushy sales because people will buy what they want. And if they don’t, that’s fine. You know, if you’re sending out daily relationship-building, conversational emails, there’s always going to be another day.
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The Pricing Queen podcast is produced by Decibelle Creative
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