Why Competitive Pricing is a Dumb Idea – How To Sell High-Ticket Products & Services Ep. 6 | Big Money Investing Review
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now we’re gonna dive into there will be a lot more interactive we’re gonna go into how you can do this for your business it would be a couple of different assignments exercise that will do within the room and then brainstorming as well and before we get into that I want to leave you with two first of all first idea it does this your competition does not set your prices you do you do nobody’s putting a gun to your head and say that’s how much you can only charge nobody does that you’re the one that comes up with the price you’re the one that prints the price or push the price on your website and you’re the one that tells to the marketplace here’s how much I charge that’s why I hate looking at like people people so I got to my it’s funny I’m one time I was on a on a podcast with a couple guests and we were discussing about pricing and then one of the guy I think a professor some he was talking about all you got to do market place research so basically what you do is telling the guess that you would look at what your average competitors is charging you kind of add them all up and just divide it and use the average that’s how I come up with the price and I and I was like that’s I said man that’s just a bad idea right and the host was like oh two different point of view I said I don’t give a what they charge what they charge has got nothing to do with me has nothing to do with me just because they charge X doesn’t mean I have to charge X it doesn’t mean that at all because the way we do marketing might be first of all what we do is you look we do is unique right we’re all unique the value provided is unique depends on how we package how it position how we do our marketing how we do ourselves if that’s the price so if this person our competitor it’s lousy air communicating the value and they like to low low pry they’d like to attract these type of clients doesn’t mean I want to do the same does that make sense you follow I’m saying yeah so my question is how much would you pay for a small bottle of mineral water how much would you pay for a small bottle of mineral water I was in Vegas and Jenny and I we were staying at Wayne hotel Wayne hotel brilliant what they do so we were within a wing hotel they say a Chinese restaurant forgot the name but it’s got a dragons and then you know the insane and we were all during dinners and the the the waiter was asking us okay I gotta get a glass of water and the waiter said well you know sir we’ve got three types of water we have the the one that’s just like tap tap water we have filter and we have Fiji right so tap water full of bacteria right chlorine right off filter Fiji what am I gonna say Fiji right and then it comes with a nice very nice bottle with a like a metal container I think was how much was it $5 $6 or something like that right I’m like wow that’s a good upsell that’s a good upsell right there that’s a good upsell right there and if you look at Fiji the way they do their marketing and of course it’s very controversial controversial the way people say all the you know the way they yeah chemicals and this and that and and all of that but what I do know is I love Fiji water myself when I’m paying that much for a bottle of water in my mind I tell my somebody taste is better I have to man I have to it’s got that sweet taste to it that untouched you know whatever the I came up with but every five bucks on it what am i guessing oh this is like it oh this is just like you know the free water I can’t do it I can’t do it I cannot do it and maybe if you do actually deal applying like you know test if you give me a Fiji water or you know tap water maybe I cannot tell the difference right who knows who knows but when there’s a bottle I can tell the difference man I can tell the difference so my first workshop example except exercise so what I want you to do it’s within it as a group there is a group okay I want you to come up with some high price examples and I want you to discuss why does it work okay come up with maybe three or four within your group high price examples and why does it work why do you think they work from different brand or different product at different service okay let me give you let’s say five minutes for that okay go ten times your finances ten times your business ten times your marketing ten times your life hit the subscribe button nowWelcome to Big Money Investing – Your Ultimate Destination for In The Money Facts!
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