When I launched my swim line, I began by selling to friends and friends of friends. So, of course, my prices were low because I was just getting started, and there was no real structure behind my process that justified a big price.
Besides, there is always a learning curve in making a better product or service, so it makes sense that prices increase when the product gets better…at least, that’s what I thought.
I remember fighting with my husband because he wanted me to raise my prices. At the time, my swimwear was priced at under $100.00, and I was super scared because I thought, if I raised the price, nobody would buy them.
So I didn’t touch my prices for quite some time. And, during that time, I was mostly operating at wholesale, so my profit margin was very low, but it barely made a difference in my sales.
And, to be honest, I still think this way, that you cannot expect to have higher prices with an inconsistent brand. (Earlier this week, I sent out an email about branding; if you haven’t read it yet, you might want to make time! Branding has a lot to do with how you set your prices.)
Here’s what I found: the moment I updated my website (with Shopify,) and began to work on a more cohesive branding system, I raised my prices.
And, suddenly, I had more people buying from me than ever before!
It blew my mind! I raised my prices almost 100%, and still customers were buying more!
So, how could that happen?
It’s very simple: I worked on my branding, and I worked inside the experience my customers were having with my brand.
So let’s talk about experience, because this is huge! And not only does it relate to product, but also to the selling of services.
When I say “experience,” I’m referring to the experience someone has from the moment she lands on your website, to the moment she decides to buy from you.
And this is a journey you need to create.
How do you do that?
Easy. Put yourself in the shoes of your Dream Customer, and think about the experience itself.
How would you like the website to look? What kind of freebie should you have in order for the customer to leave their email? And what kind of follow-up sequence would she like to receive?
But wait; there are more things you can add to make the experience even better!
What about making a point to add a more personal touch? It could be something as simple as an email sent from you to her (something that can be delegated) asking what she likes about your website.
You’ve heard me say this many times, and I’ll say it one more time! People love doing business with other people!
In fact, the age where people do business with impersonal businesses is dying; even large companies are becoming more personal.
Which means that the more personalized you can make your business, and the more personal connections you make, the better!
This is why doing something like creating a Facebook Group can work great; because you have a chance to interact and appear more “human.”
Which in turn gives you a personal connection that can make you money.
So now that you know this and you’re thinking about the experience…think about the different ways you can make your customer’s experience more personal.
Great customer service is a must; maybe you can add a “chat” feature on your website, so when someone has a question, there’s somebody they can ask.
Talk about a great experience!!!!
But this is just the beginning. Once a customer buys, there is still another experience she needs to go through.
And this experience should wow her! Because it’s only when you get to wow her that she will become a raving fan, which means she will talk about you to everyone she knows!
Talk about good marketing!
So now you know: prices have nothing to do with the product itself, but rather the experience your customer has with your brand. If you want to raise your prices, you have to raise this experience your customer has, as well.
A final piece of advice: never, ever decrease your prices. If you feel that people are not buying from you because of your prices, start thinking, instead, about the way you can raise the experience!
I hope this blog post helps you in some way. I also know that price is a big topic, if you still have any questions about it, please email me!
I’m here to help!
To your success,