Raise Your Perceived Value: Increase Your Prices

 

Raise Your Perceived Value: Increase Your Prices

 

Lesson Info

Brand out of Sync: Student Example

So what I want to do now is do one hot seat again we're not going to dive to deep into brand value because I have an entire class on draining that goes into more detail but I want to run through one hot seat and I'm going to pick on a net so come on up here and if we could switch over to our uh websites I know what it is it's it's my pirates I know you know you are e someone saying it was outdated but I'm like I love the virus but all right let's see ok ah yes so let's talk so now I don't even see the virus where did it go? It was probably the first one it's gotta squirreling thing that knows that the first reason that I wanted to pick on her is for the out of date font peace and unfortunately a perp iris is one of those trendy fonts that came and went I know so that's the first thing that I would fix for you it's just getting you out of that but also looking at your site when was the last time you updated the template on your wordpress site it's playing like change the design a couple...

of years okay yeah this is I think the other thing that feels pretty dated for you so this is just another level where we come in here and it doesn't feel new and fresh web sites have really evolved a lot and that's what people really respond she was the one that feel like their current and contemporary the other thing and we talked about this before with you is that right now they're landing on your blogged and so what it's doing is it's not presenting that professional face because they're looking at your travels so if I land here I don't actually even know that you're trying to sell me jewelry that's where there should be a top men unite I thought they fix that, but maybe not I don't know that I remember it might just be not coming on this I do remember you know what? It's giving us a mobile version I think ok, they're thinking of the mobile version, but right, so also we have to look very hard for that right that's not good, yeah, so that is, you know, a couple of things right off the bat that I would change about the website itself that could really improve your situational value, ok, but I also want to go into your shop because I think there's some interesting things there's there's a virus s we're going to update that because that's a huge I think sticking point for you, but then I think the other thing that we didn't really talk about that also goes on this level of brand professionalism is the consistency of getting to a level of consistency on your site will really make a difference on dh then also so I just want to call this out while we're in here because I notice is this really interesting thing and I want to point this out about kind of how you can employees this like brand level strategy very differently so I noticed that you sell this adjustable ring size er in your etc store right and you sell a lot of them I d'oh which is annoying but yeah yes it is annoying because it's a dollar seventy five so how many thieves that you sell to those people? Turn around and then buy a ring from you? Well that's the thing I offer a free coupon when you buy a ring side so I thought it would help drive ring sales because people always have problems sizing and I offer a coupon that you can redeem the cost of the bring says that if you buy a ring for me but I don't think I had any whenever you do that can I tell you something really funny about that? I sell this exact same ring size er in my online store for ten dollars and when you buy it for ten dollars you do in fact get a ten dollars gift card that you can apply back to the price of your next purchase I think I've converted like sixty percent of people who bought the ring size er have bought a ring said, ok, because I'm specifically using it as a strategy, so I wanted to show you that like, this is the whole place where perceived value is very different because here you're just selling this is a commodity, yeah, and it's not supporting your brand, yeah, s o I would actually personally take this out of your shop because you're not converting those people, okay? They're going on to see they're searching ring size or they're buying and they're moving on and you are out buying it because they're interested in your product. So this is actually something that the way that you have this position in here is diminishing your brand and not enhancing it ok got you yeah makes sense, and now if you moved your own platform, bring it back and make it slightly more expensive, ok? Because the alternative is they might say they can buy it for ten dollars, or they can go to their local jeweler, have them measure ten dollars is actually not that expensive to not have to deal with all the pain of getting their finger measure, so I would take this out of your ass he shot because it's not supporting that brand, okay? That makes sense awesome is there anything else that you feel like in terms of your overall brand value? You can improve on them? I thought I was going to be redone as well I've been, you know, some of them are like the ring like a leaf, frank, I know I need to change that, but I'm afraid to because I sell so many of them that I don't want to change the photo on people, you know? But I know I should, because that was my first start out, I took it with a background and I should just have it on a plain white background. Yeah, so we're we're actually going to transition in just a minute from talking about brand level to talking about some of this individual product level, so we'll dive into that more deeply to but one of the things that you can employ because you're still on that scene, you haven't made the move to your own shop yet is this is actually a really easy place to split test you guys know about split testing, so the idea is that you present the same thing using one variable that's different, so because you are listening this ring multiple times right to me to order peace, you can keep this image in, and then you can do a new one in a different style image and they can both be there, and you can use it to split test to see what works and it's. Actually, something. When I had my tea shop that I would do you so I would use the same necklace. One was a white background, won. The first image was white, background won. The first image was model shot because I wanted to see which people responded to better. Okay, so while you're still working on making the transition to your new shop, play around with that leave, the old won their case that we don't worry about losing sales, but add that new one and see if that works better for you. Okay, that's, a good idea, and thought about that. Awesome, alright, thank you, no problem.

Class Description


"I learned tangible, actionable ways in which to elevate the perceived value of my products and make my business more profitable. Thanks!"
-Martha Preble

Crafters often struggle with charging the prices that make their products profitable. They worry they’ll scare customers, lose sales, or constantly have to justify the higher price. But when you raise the perceived value of your product, the prices justify themselves.

In this class, Megan Auman will explore:

  • The psychology behind price and what creates higher perceived value 
  • Key elements of a business that must be polished to communicate higher prices 
  • How to develop an action plan to improve their perceived value 
  • Megan will help you identify the right places to increase the prices in your business. She’ll discuss how the quality of your website, photography, and copy all work together to create an experience that justifies a higher price point. 

If you want to earn more for your efforts, join Megan Auman for the ultimate guide to pricing in Raise Your Perceived Value: Increase Your Prices.