raising your prices and delivering a "wow!" experience

How to Increase Your Profit Margins With Copy That Sells

Ready to write yourself a bigger pay check? As a business owner or marketing exec, you can do that in several ways. One of the best — both for your business — and for your customers — could be to simply raise your prices.

If tight margins are causing you to skimp on service or product quality, then raising your prices could give you the cash flow you need to deliver a “WOW!” experience for your customers. Total win-win, right?

Raising Prices is a Win-Win

So let’s talk about how you can enlist customers in your crusade for a better quality of life — for both of you!

Today, we’re live in a world of “free”. Businesses are no longer in control of the sales process — the customer is. And that creates a commoditization trap you need to sidestep.  In a world where prospects can price check you instantly on their smartphones, you need to do one thing extremely well: Obsess over the value your business delivers to its customers.

Competing on price is just a race to the bottom — and right out of business. And, in the absence of knowing better, all too many businesses do exactly that. It’s no wonder more than half of small businesses fail within five years.

There’s a much better way. To show you what I mean, let me share with you an experience I had recently.

Why Premium is So Worth It

A few months ago, I invested in a pair of Bose headphones. If you’re into sound quality, you may have heard of the Bose brand. They’re typically considered the premium choice. And the headphones I bought were definitely pricier than pretty much every other choice out there.

I tend to believe the best price for something is going to cost you more initially. That’s because, over the long run, when you buy quality, it tends to pay for itself. That’s one of the major reasons I bought a pair of top-of-the-line Bose headphones. And I’ve totally enjoyed the listening experience they deliver.

Then a couple of weeks ago, I misplaced the cable that comes with them. So I called the number on their website, and before long was on the phone with a customer support rep who spoke English fluently, which you don’t always get.

He instantly understood my problem, asked me all the right questions and helped me find a great solution. I was actually shocked at how easy and how quick it was to order the replacement cable. It was priced at less than a third of generic cables on Amazon, and they delivered it for free.

You Don’t Want The Bottom-Feeders

How often does that happen with run-of-the-mill products? Almost never. If I’d purchased a set of headphones at a lower price, feeling like ‘well I’m getting a better value here’, I wouldn’t have had that experience. Buying premium was totally worth it — and often is.

Now, the reason why Bose was able to provide that kind of “WOW!” experience is because it’s built into their pricing model.

As another example, I used to sell building insulation to builders and homeowners for the top insulation contractor in North America. One of the main reasons they were so successful was they never competed on price. They instructed sales reps to go out and explain the benefits of the service, build relationship and make sales that way — not just on price.

Not everyone will purchase from you when you position yourself that way. And that’s okay. You don’t want the bottom-feeders, the gold-diggers…

Positioning Your Pricing is the Key

It’s all about how you position yourself, your business, and your offers. You demonstrate value in how you write your landing pages, ad copy, emails, etc. Whenever you communicate with buyers, you must clearly demonstrate the value that your business provides.

That’s how you can escape from the world of free, where everything is price shopped, and you’re forced into bidding wars.

I hope you profit from this advice and raise your prices. You’ll serve your clients and customers better, and enjoy the benefits of an bigger bottom line for your company.

If you’d like help with any of this, set up a free 15-minute strategy session.

 

 
About The Author

Mike Connolly

Dan Kennedy Certified Copywriter for Info-Marketers and Infusionsoft Certified Partner, Mike Connolly lives in Boulder, Colorado, builds marketing funnels that rock, and loves cycling (almost) all year round.

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