…Mastermind Group member Nikki Bates (see 11/10 post) recently sold a piece of her jewelry for close to $10,000. We track goals of each participant from when they enter my group until the final meeting. One of her earliest goals this session was to create a show-stopper–a piece that she creatively and joyfully designed without budget consideration. That was the necklace that sold.
When I was exhibiting my art I always had a show-stopper to attract attention to my booth, to woo that special shopper who wanted something totally unique and to expand my range. Also, when you have a piece that is 5-10 times your normal price point, it creates a different perspective for the buyer. When there’s a $750 brooch available, the ones priced at $125 seem far more reasonable by comparison.
It’s always a good idea when pricing your goods and services to have options for your buyers. That’s why I have offers like my Dream Peek Experience which is a stand-alone service (one hour, with a 15 minute follow-up call within 30 days) all the way to a six-month commitment for one-on-one coaching. The prices range from $275 – $2400.
Maybe I should have my own show-stopper for my coaching services: A Day with Jane–$5000. Any takers?!
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December 11, 2008 at 12:50 pm
kare Anderson
Re the showstopper, research shows if you offer 3 price levels or packages, one a “no-brainer” to your kind of client (an impulse buy / low cost), another a good value and still another over-the-top extraordinary version of your line of products – easily 10 or more times the cost, then …
• more people will buy something
• the average, per-client amount spent goes up ..
more than if you offer a wider range of price options
Wonderful Tony S. started me on this track of discovery with his great book, The Paradox of Choice
December 11, 2008 at 2:01 pm
janepollak
@Kare
Thank you for the science behind this! All the more reason to increase the offers.