Raise Your Perceived Value: Increase Your Prices

Lesson 3 of 9

Why Your Products Aren't Selling at a Higher Price

 

Raise Your Perceived Value: Increase Your Prices

Lesson 3 of 9

Why Your Products Aren't Selling at a Higher Price

 

Lesson Info

Why Your Products Aren't Selling at a Higher Price

So now what I want to talk about is why your prices your products aren't selling at a higher price so this is what we're actually going to get into sort of the psychological influencers that tell us why someone will pay more for something so if you understand what communicates value to your ideal customer you can raise your prices about having to justify or explain you can use these triggers to your advantage then this really helps you and this is actually something that I play with all the time in my business and I didn't even know I was doing it but I want to give you guys an example of where I sort of started to learn to play with this when I was first coming out of graduate school of political in graduate school I started a production line and I had these silver earrings there were like two pieces kind of welded together in this shape and I would sell them for a certain price well then I started doing a version of them where I would buy a strand of seed pearls he was trying to seed...

pearls costs like five ten bucks and I would put one on the bottom of each hearing and I charged ten dollars more and I was didn't even know what I knew now so I probably could have charged you more charge ten dollars more for the hearings with the pearls than hearings without I could probably make twenty pairs of hearings out of that one strand, but I was using the power of perceived value to increase my customers were willing to pay that is just one example and we're going to look at a whole bunch of them now and then we're gonna learn how to apply them to your business. So how does the customer perceived value? What triggers that? So we're going to look at nine factors and I'm gonna break these down for you guys because they're really this is the core of what we're doing here but roughly divided the's four kind of brand level triggers, so they're things that you could dio throughout your whole brand to signify higher value, and then down here these are things that you could do with the product level so things that you can tweak on each individual product to dr the point home. So I'll go through these individually, but I would tell you, this is not a checklist, you don't have to go down here me like situational chuck anchoring, check professions and check it doesn't really work like that. The more you can apply is probably better, but we want to use the ones that make the most sense for your customers thinking about the people who are buying your product, so as I go through this list, I want you to think about how you can make this work for your business we're going toe actually drill down, go into specifics do some critiques but I want you to think about how you can make each of these work as I'm talking about them so the first one is situational value and this is a really big one the context and marketplaces in which you present your products have a huge impact on perceived value huge impact and there are a lot of ways we could talk about this, but I want to show this example so I thought some of you have seen that I posted on my facebook page a couple months ago I went to a gem show in my town tiny, a little loving and county pennsylvania jim show and at this gem show vendors were selling baguette slices just like this I didn't buy them, but I'm pretty sure they were like three dollars for a bundle or something not too much. I think if you went into we're going into the wholesale only side of it I appreciate you get an entire box of arm, thirty bucks or something really, really inexpensive at this gym show a couple weeks later I went to new york city this is the moment design store this's situational values, so if you've never been to new york city well design store in moma there on fifty third there just down the block from tiffany's, just down the block from fifth avenue in the most expensive retail real estate in the world, this set of four gets life coasters in this lovely black box seventy five dollars now, again, I know where your guysminds air going, but I don't sell that the moment design store I want you guys to suspend all of that for the next twenty minutes and just play with me because this is the power of situational value ah box and a different address and something you can buy for three dollars you can sell for seventy five so thinking about the marketplaces, the situations, the context that you present your work some, he said, you know, in our online audience, it's easier my prices make more sense in a gallery that when I'm standing in my studio, telling someone absolutely, they make more sense in the gallery because that is a huge piece of situational value. I heard a couple people say, I don't think I can raise my prices on, etc, but I can raise my prices on my own site because you're in control of that situation. So right off the bat, the situation provides huge clues to your customer of the value your products provide, so the next one is anchoring and what anchoring does is anchoring actually lets you sort of tweak situational value when you don't have total control of the situation so maybe you're at a craft show that's not really ideal people are kind of sound in a low price but you're there and you want you want to kind of make it work and you still want to play with these value triggers so angering is actually a way to play with situational value with in here own brand so basically what anchoring is is you take products and you throw in something higher priced and it makes the lower prices feel more reasonable so these air two necklaces for my collection and we're going to talk a lot more about the maya necklace later because it's going to be our example of perceived value all over the place this three hundred eighty dollars necklace is my highest revenue generator on my site it's not my highest number of units but it's actually in my top ten number of units as well so this is my number one seller so we're going to talk and it's three hundred eighty dollars and just so we're clear it's steel and bronze there's no fancy materials here so we're in come back to this but what I want to show you is the power of anchoring so originally these are my top two statement necklaces the emma to seventy five the maya three eighty guess what guess which one's better the emma the lower price will better angering then I added a third necklace the julia at five ninety now which necklace sells the best? Maya? Exactly. So this is the power of anchoring? I felt like two of those a year to wholesale customers hardly felony but I felt a lot more of these now so that you can employ in any situation any place where people are looking at your entire product line you could employ anchoring and it lets you play with situational value in any context our next one is professionalism. Customers pay more from someone they perceive as a professional rather than an amateur and of course there's a really obvious example here which is thinking about etc, right? If you are on etsy there's a certain perception if you have your own web site in your own store there's that perception but it applies to any industry. So I pulled this example because I think this is a really funny one that moving company two men in a truck and so this is actually founded by two brothers and they had a truck and they decided that like people could hire them but what they did is they have their mom make a logo and given name so they were like, we're going we're not professionals but we're gonna sort of pretend to be and now this is a multi million dollar company because they were like throw a logo and be a smidge more professional that's the power of professionalism. So that is something that you really can't take for granted. So our last piece in the brand level is fame and recognition, and this could actually work for your brand in a couple of ways, so it can come from the perceived fame of the brand, the perceived fame of the owner or even the customers themselves. So one of the ways that you always see people talk about employing fame and recognition is with logos putting as seen in as featured in logos on your site and here's what's kind of funny about this. Studies have shown that the what the logos are actually doesn't matter if it's your local weird paper, whatever it is, it doesn't actually matter I have seen in my life, but I mean, I was I was featured seller on their block, so I was seen in so it doesn't actually matter. Whatever logo's you can pull this as a huge piece of perceived value, whatever they are, if you don't have any of this is a great argument for going out getting pressed, but there's some other ways that you can play that play up this fame and recognition so one is simply by gaining more social media followers and there's not going to say that game or social media followers will getyou sales necessarily, but what it does is it increases that fame and recognition, so one of the reasons that freshly picked has done so well is because she grew her instagram falling so quickly, so there's this huge piece of like, well, they must be a big deal they have five hundred forty thousand followers that's a huge deal, right? Your customers perceive you as more valuable because of that I did it on pinterest I now have twenty thousand followers on pinterest and if you want to know how to do that, I've got a pinterest class right here on creative live that you can watch, but really the kind of the point of this and the reason that these things work is because people pick one social media platform and crush it. So susan was like, I'm gonna win an instagram and I was like, I'm going to win it, pinterest and it gives you this huge level of credibility when you have these followers and then of course, there's the perceived value of your customers. So some people have hurt me mentioned a couple of years ago, tricia yearwood war my earrings on the cover of better homes and gardens and I didn't get a lot of sales from that because I was actually uncredited they happen to be her personal hearings, I'm telling the story tricia yearwood owns my hearings, this is fame and recognition as a perceived value point and actually, when this happened, it was my highest opened rate email on my highest like instagram post of the time when I shared it so it's a big deal when people see that now I'm gonna be honest, I have no idea how tricia got my hearings, a pressure she bought him in a store like everybody else because again, she owns them see, I'm using this fame and recognition thing, but if you don't have celebrities, you can still like partner would other people who have some other level of fame and recognition? So this is my friend stasia, spacious vastic, she is an amazing stylist, I met her at all come it and we've been collaborating for the last year station doesn't have a huge instagram following, I think she's about two thousand people, but station I gave her a few of my pieces and she wears them all the time and so her audience fees her so they don't see me wearing them all the time. They see her wearing them all the time, and that gives a huge level of credibility to your brand. So if you can't get the big celebrity, you, khun still employ fame and recognition by partnering with other people all right, so there are brand level pieces now I want to talk about our kind of products level pieces and some of these still play out in the brand level, but this is really where we start to drill down and think about it individual products they surely they talked for a long time you guys, any questions about the brand level? Yeah let's pause here for a second if you guys have them online, feel free to share in our chat room or ask feature as well, erin question about fame and recognition and how I've had quite a problem with that so one of the things they're looked at it over the last year I have, uh, tried to partner with people like station, for instance, to the tune of almost two thousand dollars and I haven't seen any return and sometimes I didn't even see a picture on instagram do you know what I mean? Right? And so how do you know how to use that piece? So first of all, station I do not have a paid agreement it's completely free, I give her jewelry, she wears it at her right and that's what? All right, so you're giving you're saying you're you're getting our product, I was giving away free product in exchange for um yeah, it was bartering I guess I would call and so have the people that you were doing it, how did you meet those people some of them one of them I knew was the daughter of a friend and she's a quote marketing genius unquote another one was a stylist another one was a blogger you know I mean, um I met them all though in person yeah so one of the things that you I want to do if you're thinking about this and trying to look it actually how they're engaging on social media if that's where they're saying they're going to wear things because if they're wearing them in person and they're not carrying your business cards around it's not going to get you anywhere like my sister where's my work and carries around stocks of business cards and hands them out perfect but if they're not doing that you want to look at their social media platform beforehand and really see kind of are they actually showcasing products? Are they wearing things? Were they showing themselves kind of look to see if your product's make a natural fit for them because if they don't then it's clearly not worth if it it's always going to be a little bit of a risk but I think the other thing that's really important is just that it is relationship building and it kind of feels organic so if they're coming to you and saying oh yeah give me stuff it's probably not organic station I met at all time at a conference and we kind of had this just let's talk about how we can collaborate and it's always been about how can it be mutually beneficial? So I've sent her traffic she's worn my work so that's the other thing is thinking about what is the kind of mutually beneficial agreement and it sounds like you know, how can you help them condition how they can help you? Because that motivates them or to do it? Station knows that if she posts my work, I have a larger instagram following than her she probably work a lot of times I'm going to repost and share, and then she grows her audience that way, but it gives me credibility even though my following his larger gives me credibility because people see someone else consistently wearing my product that makes sense. It's not perfect, but you kind of have to just work on those relationships other questions about the brand level. So there is having questions about one of a kind items, okay? And someone had a general question does the same rolls to the same rules of five one of a kind items and another person had another, more specific questions, she said. When someone confined it, could they make one of a kind hodler blankets? And when someone could find a similar product at a big box store for about half of what they charge, they were hard time explaining that non tangible value. Okay, so first of all, I want to say two things is we want to be really careful about what you're calling one of a kind so true one of a kind not only to these rules apply, but their heightened because you actually have an additional trigger of perceived value, which is one of a kind and that gives us scarcity and scarcity is a huge factor in getting people to buy, in fact it's my biggest trigger that I use because it turns out it works, but you really need to be one of a kind you want to hear you say, I make one of a kind peter's, but they can buy something similar. It might be technically one of a kind but it's not special and that's the other piece that really differentiates one of a kind products that they have to feel special in some way. So the challenge for you is figuring out what is it that you can do to differentiate your products from the big box store and that's, how we're going to start to talk about some of these brands or products level elements? Because there's a lot that you can do that kind of resonates with people in a way that's very different from the way that going to a big box store picking up off the shelf and moving on with your day resonates with people so we'll address that a little bit in a little bit more detail in a minute anything else? Yeah, this's maybe not specifically that brands with so many people have voted on the passion that I thought I'd ask a lot of people have shava mentioned that she raised her prices and sales when quiet is it because customers who were interested in buying it the lower prices are not my customers who buy the higher price? I need to time to attract that audience? Yes, you answered your own question there, so that is one of the legitimate challenges is that if you're pricing too low, you're attracting a different audience and who you really need. But the thing to keep in mind is some point, if youre pricing too low, you're going to burn yourself out and you're not going to be in business, so it might take you time to build up. But the other thing that happens is if you're communicating a perceived value at a certain price point and you raised them and you haven't done anything to communicate a higher perceived value that's not going to indicate to your customers that it's worth more so for instance, you know if you're thinking about making the leap from ft to your own store that's a huge leap in that perceived professionalism value so that's a great time to raise your prices because indicating that there's a greater perceived value it's not oh look I'm a person who sells on s e it's look, I have this business I'm professional I'm legitimate and I'm creating my own space in my own situational value as well all right, so let's talk about these kind of uh products level categories now so the first one is emotional value and here is something that it is really, really, really critical a strong emotional poll makes the customer far less rational about price so my customers are not rational about price I am for the record not rational about price I am wearing four hundred dollars shoes right now that I decided I needed to have because they are really pretty and they make me feel awesome when I wear them that is the appeal of emotional value, right? Also the fact that I'm standing in the mall does help, but at the end of the day they're really pretty shoes. So when you have this emotional pull and makes people behar less rational about price the classic example of this talk about apple all the time because they do it so well every time apple releases a product they released at the high and of their category they are always the most expensive and they realize that there are people who make very rational decisions about price who will never be their customer but they make this totally emotional poll look at the first thing it's not you will wear this it's where it is still love it love, right? They're going for the most emotional pull that they can. This is something that susan from freshly picked does really well. Teo, it helps that she sells products that are worn by cute babies, but she's very strategic about showing you he's emotional target your heartstrings, images that just make you want to put this on your baby that's her entire instagram feed is a study, an emotional poll, and even when she's just showing a product shot. So this is so funny. And I just remember that the caption for this something about, like bringing home and newborn and the excitement around that I love the screen grab weeks ago, and I remember that caption because it was an emotional poll and that, well, do so much more to defer prices a sense. But anything else that you could dio is when you can make that emotional appeal, and we'll talk more about how to do that later. All right, so the next one is category, and the reality is that certain product carrot categories just carry more perceived value than others. And so if we look at so emily mcdowell is a good example, she's a fantastic illustrator and, you know she applies her designs, she uses cards and I talked to emily about her pricing strategy, and she told me, you know, we sell stationery and we are kind of at a market driven price there's really? Only so much people are going to pay for a birthday card, but it's not the only product that she sells, so she also sells prince because prince communicate another price point another category, so someone will pay for fifty for a birthday card, but they'll pay twenty two or twenty eight dollars for a print. I am betting I'm sure she probably uses lovely nice paper. Actually, I have one of her parents. She does use lovely day's paper, but I'm guessing that the cost to produce a print is not very much higher than the cost to produce a card, but by putting her are on a different category, she's able to charge a higher price for that so category could mean branching out of the category that you're in a commune, adding other product lines that could mean shifting what people call you. So people are going to say, definitely different for fashion jewelry than they are for fine jewelry than they are for art jewelry, so there's kind of a category positioning there as well, so then the next piece is material, so this is where you go in play on some of society's ingrained perceptions about material so we've been trained to believe that some materials are worth more than others whether they actually are not is a different story but we've been trained to believe that gave you guys that example of the earrings and the seed pearls right? The media another example from my work so I work predominantly in steel he'll have not carry any kind of value associated with it and when I was first starting my production line this is a long time ago I was doing these pieces that were very complicated to make there was a lot of time everything is well did there are like twenty joints and each little piece here and it took me forever to make it to my labor costs were high but it was steel so there was no kind of perceived material value that I haven't to make just this chain that close and I originally made the first one just in steel and then one day just for fun I added five links of silver so it hardly changed my material cost this is my best selling necklace the mayas my highest revenue this is the alice is my best selling necklace takes me so much less time to make them this and I did was pop in five pieces of silver I do the same thing now with my newest collection the contra collection the stones that I buy are not that expensive they're not a precious gem but they have this perceived value quality, right? So again, it elevates the other materials that I put with it, and so if you're using, you know, I think sarah brought up the question of amusing, higher and materials, but I'm not sure how to communicate them. So if you're thinking about what are the materials are ways that you could describe it, that trigger the higher perceived that you that's a really key thing, to think that we're going to talk more about this? The other thing to keep in mind is that preciousness is not the on ly way material choice increases perceived value organic reclaimed. There are all of these things that now communicate a higher price, bronwyn mentioned. Well, my pieces deteriorate, so they're not really, you know, like what I do about that that's, not the value of the material. The value of the material is that it's reclaimed and you're saving it from a landfill. And so that is another way that you can play up. That kind of material choice is to look at the things that people pay more for could have a grocery store goto a store looking at what words trigger higher cost, because you can employ them. There's a funny sketch I don't know what comedian did it where they went to a farmer's market and they asked people about non gmo products they were like so why are non gmo product important? And they were like, oh well they they are like I will pay more for them and they were like, what is gmo stand for it I don't think anyone knew so they have been trained to believe that certain things are more valuable and you can use those things in your own work as well whether it's putting in a different material or just changing the language he used about the material that you're already using all right, so the next one is utility value and this is where I mentioned it with my shoes yes they're pretty and I bought them because it was emotional but it does help but they're the cold hands with nike air and then I can stand in four inch wedges all day long that's utility value makes four hundred dollars boots a little bit easier to stomach right? So how much use for how well something functions can influence how much someone is willing to pay? I always say that emotional value trump's utility value because emotional value does that you immediate gut pull but then utility value is how your customers rationalize they're so pretty I want them when I can wear them all day so it's cool right so one of the ways that I do that is that I started this series of my instagram where I literally wear rings and hold things because what I'm trying to dio is communicate the utility value of my product see you can wear this ring while you're drinking your coffee. You could wear this ring while you're on your phone. Look how well that works right on I'm not saying I'm showing it, which is even better so the more that you can show your products in use that's perfect, and if you look at susan pearson from freshly picked, she is also really excellent at combining that emotional with the utility because she's, always talking about you hear the one about the mox don't fall off, they stay on, I have a friend who's daughter has him and she's like she can't even pull them off it's amazing! So they do talk about utility value too, and that does help. So then the last factor is the price itself actually communicates value to the customer so the price can tell people the value. And we looked at this not totally official but still true chart of price and perception and above a certain price point says something very different to your customer, then below a certain price point, but the way that you structure the price also says something very different, so we've all been told right? Oh yeah, you should you should use the nine because it like the christian shaking her head no yeah so this does work for certain things if you're selling a tv totally used this you're selling art if you're selling a special cool hand made product you're selling art you're selling art this price is better this price that even round number says this is a luxury good this is a high end thing this is special and I pulled this example from michelle armas who's a painter and I love that like there's no wheel in ordeal in here this painting is seven hundred dollars this painting is nine hundred fifty dollars and part of the reason that this you can see that the's painting which are comparable in size to these paintings are sold out there nine hundred fifty dollars paintings I'm assuming I don't know that for a fact that I'm going to assume based on what okay that's the beauty of situational and anchoring right there I'm gonna assume that she's already sold at least two of these nine hundred fifty dollars paintings because there next to the nine hundred fifty dollar painting right there's a couple of things that play here, but the reason that this works is because if you walked into a gallery and you looked at this painting, you would not expect it to be six ninety nine ninety nine or even six ninety nine that's not a gallery style price she's using this gallery style pricing to show her customers that her work is valuable all right so I want to just pause now and see if we have any questions about thes product level categories or product level triggers so on her page where she has the paintings for sale and then through their sold out is that a good thing on your shop a five page to have a few pieces that are say sold out yes if it's true okay so you don't want a fake that kind of stuff but if you absolutely are selling one of a kind products having things that are sold out create that sense of scarcity I do in my own sight with my one of a kind with the contra collection I leave the sold out pieces there eventually sometimes I move them down if it gets to be too much I start to take some of them off but I leave them on there because it shows people that things do in fact sellout and the other thing that you can dio is you can leave these things up you click over to them you change the product description so that now it's an email called action don't miss out on the next one joined the email list so could actually come a really powerful tool for driving email conversion as well do you have other questions about the looming questions about the product level so one person asked, would this work the same with the server space business? Yes, yes and yes that's the short answer and you can apply all of these things so situational value in the case of a service based business might be who you're associating with. So who are people seeing you interact with on social media? Can you up level your peers essentially that's a great place you know where you could employ situational about you in a service based business on the same thing? You know if you're selling a service sells the emotion not just the utility so you can absolutely apply so many of these triggers to service as well. Along the lines of the service based this's kim forced her to question she's new in the photography business and due to the large number photographers the area she feels she needed that her prices lower prices air benefit that she needs to offer customers that the higher her over the competition if I take this benefit away I feel that my customers will choose my competition because of their greater experience the question of how long you've been in the market with your experiences so I love this question because it shows the difference and thinking about value on your own versus thinking about how the customer perceives value so the persons in question is saying I don't have a lot of experience, so that's going to be a disservice to me, but what the customers thinking about is not how experiences my photographer there thinking how enjoyable great pleasant is my photography session going to be? And so if you think about it that way and you can provide a better experience to your customer than your competitors, you can charge more. I hate having my picture taken like, hey, hey, hey, I can talk on camera all day long, but if you want me to stand still and take it, I can't stand still if I hear anything taken, so you mean a standstill now a picture taken, I hate it, so if you can tell me that somehow you're going to make the experience of photographing my wedding or my head shots or whatever it is my c I hated my senior portrait, you couldn't make that experience better for me, that's worth more and I don't care if you've been a photographer for five minutes or five, one hundred years. So yeah, thinking about the customers really the key there you don't have to try to out price your competitors because you're never going to win any other ones I'm not the chipmunks wanted to know I think that's the user name, can you create an anchor with just two price points? You have to have three so generally the way that anchoring works is three because in a two price point scenario they pick the lower and a three point price three price point scenario they picked the middle that's actually how angering works great question does right you've got the same product you just so I sell card right? So I can't really have you can't but you can use category to anchor so you can bring in prince or you can bring in a note card set like a card set so you can start to bring in other things other price points that aren't no it would be like oh that cards for fifty and this cards ten dollars it doesn't make any sense but you could bring in sets you khun bundle you can add other product categories and those can employ the same anchoring and greenpeace is well a lot of people there were I think they think you talked about this already but a lot of people had had questions about having a higher price like a product that started a higher price point and like someone said their average price is three thousand for peace does that change the game so when all said their fear is if they're pricing based on mass market products those parks already high uh products are more unique in hand man like how if the price point is very high and I love high price point products, I love it, so all of these things still apply, and they are even more important. So if you're looking at something like you have a three thousand dollars product, you should absolutely be using anchoring and you should have a two thousand dollars product, a three thousand dollars product and a seven thousand dollars product, right? So and, hey, if the seven thousand dollars product sells fantastic, right, so you can employ those same strategies, and you want to make sure that you were really drilled down, particularly that emotional thing. You know, I think let's look at a really good example of really high price point that totally uses emotion, which is really expensive fast cars, right? So who spends ninety thousand dollars for a crazy sports car? Someone who felt that emotional appeal and they know how to hit all those triggers for their predominantly male customers, right? So, yes, you can absolutely employees, and you really want to kind of hit on don't try to rationalize that's always the worst thing you can d'oh stick to those really like, strong, emotional and then use the anchoring and use the situational, so make sure you're getting yourself in a good contacts and actually for products that are really high end. And really it's goodbye to anyone as well as you know we talked about logos but the other thing is having a list of retailers on your store because that also gives you that kind of both fame and recognition and situational so yes, you could buy it on my website but you can also buy it in these stores and even if they've never heard of the stores, it still gives you that kind of level of fame and recognition mass market pricing should probably not influence your pricing strategy because you're making something handmade or you're making art or whatever it is so those aren't really effective cops to look at if your prices need to be high, make them high on dh then employ the triggers to use them and we're actually going to talk in detail about how to use these triggers when we head into our next lesson awesome ok, so I want to give you guys some homework. What I want you to do now is I want you start to think about this on your own I think there's going to be some of the triggers that maybe felt a little bit more natural to you and I'm going to just pick on our in studio audience for a minute do you want feel like just off the top of your head there was a trigger that you were like yes, I'm not using this and I could be I'm not using anchoring I'm not using it appropriately yeah, your prices tend to be pretty I'm pretty even getting pretty even and then that is that's actually probably really hurting you. Yeah, yeah kristen um I would probably say the same one. Okay, yeah, I want to kind of bump my step but more the art jewelry category as opposed to more fashion e or just, you know, stuff like that, I wanted to be more of an art piece for people. Yes, and I can say honestly that's a huge shift that I've made it my business is stopping to try to pretend that I'm any kind of fashion brand and embracing the artillery aspect and there is definitely a higher perceived value that happens there. I think more lifestyle photos in my instagram account just joined practicality of use and and I need an emotional pull at same time. Yeah, yeah, when you can combine emotion in utility that super powerful same I would say partly system situational for me because I definitely at the beginning of my creating my my stuff I was envisioning more of an art jewelry thing, but have I have had limited success getting into like museum stores or high end stores and its most because I haven't tried that much s you really you know we're going to try to, you know, lady meet with me once early on who was had been the march marketing director of like the sf moment store and she was incredibly dismissive and I was just beginning I didn't know what I was doing so I understand it but at the same time I've let that really hold me back yeah that's it that's where that situational I'm just having a few stores turning really can change the positioning of your brand can say that I'm not loving that I was like yeah and you can decide to be any kind of brand that you want to be and magically build a website that looks like that in about twenty minutes but that's the thing I mean like I understand all that in my brain but there's something about you know, so I think there's something about like, you know, getting past the field yeah to just do it and I love I will love you forever for the whole just do it yeah, just do it, you know? It is really just like a rip the band aid off situation and I think the other thing you know, for me I use fear in a very opposite way in my business so I don't worry about like, what's the worst that could happen if I launch my website or raise my prices I'm like I think this worker I gotta get a d job I am really unemployable, I've know you how how I've never had a day job, I don't know how to have a day job so like, think about what you fear more than up leveling your brand, right? Like, what is the bigger fear that's going to cancel out that if I raise my prices something that'll happen fear like what's, the bigger fear that canceled out so something that you can think about as well? Three o the emotional value, the material and the utility awesome! So there I have emotional I'm not using people enough, so I kind of the idea of maybe having recipients people received the cards with the cards and, you know, yeah, maybe a little blow your cards are funny to write people off weii talk about humor, but humor is a huge emotional peel that makes people buy like I actually was doing like a winner pop up market and I was next to related stationery and she had some cards that were like a little bit naughty and everyone thought they were hysterical and those are the cards that they bought. They were like, I think everything where they're like, oh my god, that's so funny, we'll take this one, so you can't, you know the humors really powerful emotional driver if it makes sense for your brand

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.  

Reviews

user-029387
 

OMG this course was great and Megan Auman is amazing! Not only did she help me understand how my fears were holding me back from my greatest success, she gave me strategies for getting past the fear. I honestly feel like I'm ready to take on anything because I have the skills to do so. Thanks much, Megan; you ROCK!

Sunim Chambers
 

You can't just raise your prices and expect it to lead to great results. Megan gives great strategies on how you can brand and market your business to give you confidence to raise your prices. Great class! Highly recommended to any creative and maker!

redscorpio
 

Amazing course! So many fantastic ideas for commanding premium prices for my works of art. I highly recommend this course if you sell your handmade goods, or plan to do so.