Why Smart Brands Command A Premium Price – How To Sell High-Ticket Products & Services Ep. 20 | Big Money Investing Review
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so number three reason number three psychology a price you get what you pay for you get what you pay for there are there’s a settlement in the marketplace not everybody but there’s a second in the marketplace that they make their buying decision based on price not cheap price they have this perception including myself that if it costs a lot it must be yeah it must be good so it’s a shortcut to a buying decisions it’s like gentlemen if you want to get a suit you go get a suit and say hey you go to this tailor and they say you know what I got this suit here it’s off it’s spectacular man it this is a great suit and it’s it’s custom tailor and everything else $99 like what right not same tailor say you know man we got this suit this material viewed it oh man his suit custom tailor to Grand that’s more like it right see so it’s a shortcut to buying decisions you get what your paper people have this perception so if you think but then I’m kind of concerned if I raise my prices then you know people are not gonna buy for me anymore yes some people some of the Chi customers they will leave but the same time you also open up the door and you can attract better high-quality customers that make sense yeah so reasonable fee psychology of price say cause your price let me do a story early 2012 there was research done at Stanford University at California Institute of Technology they’re interesting so they took a bunch of volunteers okay and asked them to take part in this wine tasting kind of a experiment so five wine the five bottles wine two for them to sample all labeled with the price that they were taking $5 $10 right and then $35 and then up to $90 so five different labels right five different prices so they they asked a bunch of onions so justjust trained the wine see which one you like the most which one you like the most now I think I guess which is they’re not that crude not all the same they’re not all the same one but take a guess which bottle which price tag people picked that taste is the best 1990 bucks right you’re right and not everybody it’s not the same wine but there’s three different wines that there was some system costs over so volunteers they prefer to $90 wine and they describe this how many of you drink red wine by the way yeah so they’re these terms are oaky richness with undertones of burnt chocolate or what Oh should they say right after $90 wine which actually is a $10 way it’s a $10 wine so what’s very interesting in and then they set a second set of volunteers to just ask them to test just taste the wine which one taste is better most of them prefer the $5 wine but they don’t know the price I said that interesting everybody goes boom but that’s not it here’s the kicker you ready here’s the kicker here’s when things get very scary the bond tears in the first experiment the ones that were shown with the prices had the brain scan with an emerald MRI scanner while they try the wines the part of the brain associated with pleasure was actually more active and the more expensive they thought that wine was now what does that mean it means this he means in other words the price label didn’t just fold them on a conscious logical level it actually is more expensive so it must be better it’s for the brain and an unconscious chemical level they actually did enjoy the wine more when they thought he was more expensive and less when they thought it was cheaper not just conscious logical level when they associate while it’s actually more expensive it must be good they enjoyed experience more now so what’s the lesson here’s his lesson write this down people enjoy paying for the things they value and it seems that the more they pay the more they enjoyed people enjoy paying for the things they value and it seems the more they pay the more they enjoy so my question for you is this so why would you want to rob your clients of the simple pleasure of paying a premium rate for your products and services why would you want to rob your clients of the simple pleasure of paying a premium parade for your products and services not because you’re greedy because people enjoy paying for the things they value and it seems the more they pay the more enjoyable the more they enjoy it so let me give you two minutes hello discuss among your tables about this the first three reasons what I’ve talked about and how that relates to you or what experience you’ve had with this type of different pricing or expire buying spins that you might have as well so two minutes go ten times your finances and times your business 10 times your marketing 10 times your life hit the subscribe button nowWelcome to Big Money Investing – Your Ultimate Destination for In The Money Facts!
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