Feast or famine. Either you’re really busy or you’re not busy at all. It sucks. There has to be a better way, right? There has to be a way to get over the hump. A little magic might help.
Do You Believe In Magic?
I don’t know about you but I got tired of feast or famine in my business.
I decided that I just HAD to figure out a way to position my business and package my services.
I needed some sort of magic that would give me an advantage.
A Little Packaging Magic
When I was struggling to package and bundle my own services, I stumbled upon a little magic.
Well, not really magic… like the kind you see at a show or at the circus but it was magical to me anyway.
It was a bit of psychology. To be precise, the psychology of pricing. And it more than piqued my interest.
Magic of Choice
Somewhere hiding in all the reading and research I had done, I found a gem of study done by Dan Ariely for his book Predictably Irrational.
Hiding in this study was the power of choice and the effect of that power on buying behavior and pricing.
The gist of the study was 100 students and their choice of magazine subscriptions (The Economist).
The Magic of 3
In part one of the study, the students were given 3 choices. And this happened.
In part two of the study, wanting to make a point… Ariely eliminated the “useless” option that no one selected. And this happened.
Moral of the Magic
So the huge take away (at least for me), is that give someone one option or even two options and you present them with a yes/no question or either/or question. If they do say yes to buying from you, they will almost always select the least expensive option.
Give them at least three magical options and instead of buying exclusively on price, they will choose the option that fits best for them.
So give your customers and clients a choice…
If you would like to hear more about how I applied what I learned from this study, check out my free webinar: From Busy To Business in 30 Days.
Ciao for now.
This concept really works for many industries. I’ll check out your materials on this. Thanks.
Fantastic. Let me know if you have any questions.
Great insight! I’ve been adding three versions of everything on my new store at three different price points. It’s good to know there is some basis besides my gut telling me to do that.