You've most probably heard about the dynamic pricing strategy in internet marketing and how effective it could be. In this article, we're going to discuss the intricacies of dynamic pricing and how, exactly, it would push your business to the heights of success.
Dynamic pricing is a process of gradually increasing the price of your product in prepared intervals. For example, you're going to sell an eBook for the initial price of $25, with a warning that after 2 days, the price would increase to $30, and after two more days, the price would further escalate to $35, and so on and so forth.
What would be the result?
You guessed it! Mass hysteria!
People would try to buy what you're offering at the soonest possible time! You will experience amazing sales on the first few days of your offer. Not only that, you will be able to sustain interests for your product for the succeeding days of your marketing campaign because your customers would feel that if they do not take advantage of the offer immediately, they'd stand to pay for a higher price.
Can you see how powerful a strategy urgency marketing can be? Let's take a look at the specific benefits of this approach:
It will make your customers take notice instantly. A great headline for your sales page does the trick, yes. But a price that threatens to increase the longer they wait would be hard not too notice!
It will trigger a sense of alarm in them. They'd immediately know that they should act facts, or else, they would lose a rare opportunity to purchase the product at a lower price.
It is the best yes, the BEST kind of call to action. A call to action, of course, is that part of your sales page where you try to compel your readers to make a purchase. What could be more motivating than the opportunity to take advantage of a bargain before it's too late?
It will help you brand yourself as an Internet business that offers amazing prices. They'll be on the lookout for your future products so that they could avail of a lower price!
There are some concerns about urgency marketing, but all of them can be solved through deliberated computations.
First, how would you be able to determine the initial price of your offer?
Remember our previous lesson about pricing? We mentioned there that you should price your product just right, never too low and never too high for what it's really worth. Now supposing you have pegged $40 as your just price. Simply start out at $30 and end at $70 for your urgency marketing campaign. Set the interval at $5 per day. On the first day, you'd rake in orders for $30 per sale. On the second day, you'd garner $35 per sale. This would go on and on until you reach your maximum price.
Second, wouldn't you lose profit by offering your product at a lower price, initially at least?
Not really. Remember, it's not how much you sell, it's how many sales you accomplish that matters. Imagine selling a hard-to-sell product for $500, with 2 sales per week. That's just $1,000 profit for the period. Now, with urgency marketing, you could initially sell such a product for $200. Because of the compelling nature of the strategy, you'd be able to sell at least 10 for that day alone. That's $2,000 profit for you!
Truly, urgency marketing is one of, if not the most, powerful marketing strategy in existence. But hush now, alright? This information is being shared with you in confidence. Let's keep mum about it, least your competitors would know and utilize the same.
NOTE: You have full permission to reprint this article within your website or newsletter as long as you leave the article fully intact and include the "About The Author" resource box. Thanks! :-
Dynamic pricing is a process of gradually increasing the price of your product in prepared intervals. For example, you're going to sell an eBook for the initial price of $25, with a warning that after 2 days, the price would increase to $30, and after two more days, the price would further escalate to $35, and so on and so forth.
What would be the result?
You guessed it! Mass hysteria!
People would try to buy what you're offering at the soonest possible time! You will experience amazing sales on the first few days of your offer. Not only that, you will be able to sustain interests for your product for the succeeding days of your marketing campaign because your customers would feel that if they do not take advantage of the offer immediately, they'd stand to pay for a higher price.
Can you see how powerful a strategy urgency marketing can be? Let's take a look at the specific benefits of this approach:
It will make your customers take notice instantly. A great headline for your sales page does the trick, yes. But a price that threatens to increase the longer they wait would be hard not too notice!
It will trigger a sense of alarm in them. They'd immediately know that they should act facts, or else, they would lose a rare opportunity to purchase the product at a lower price.
It is the best yes, the BEST kind of call to action. A call to action, of course, is that part of your sales page where you try to compel your readers to make a purchase. What could be more motivating than the opportunity to take advantage of a bargain before it's too late?
It will help you brand yourself as an Internet business that offers amazing prices. They'll be on the lookout for your future products so that they could avail of a lower price!
There are some concerns about urgency marketing, but all of them can be solved through deliberated computations.
First, how would you be able to determine the initial price of your offer?
Remember our previous lesson about pricing? We mentioned there that you should price your product just right, never too low and never too high for what it's really worth. Now supposing you have pegged $40 as your just price. Simply start out at $30 and end at $70 for your urgency marketing campaign. Set the interval at $5 per day. On the first day, you'd rake in orders for $30 per sale. On the second day, you'd garner $35 per sale. This would go on and on until you reach your maximum price.
Second, wouldn't you lose profit by offering your product at a lower price, initially at least?
Not really. Remember, it's not how much you sell, it's how many sales you accomplish that matters. Imagine selling a hard-to-sell product for $500, with 2 sales per week. That's just $1,000 profit for the period. Now, with urgency marketing, you could initially sell such a product for $200. Because of the compelling nature of the strategy, you'd be able to sell at least 10 for that day alone. That's $2,000 profit for you!
Truly, urgency marketing is one of, if not the most, powerful marketing strategy in existence. But hush now, alright? This information is being shared with you in confidence. Let's keep mum about it, least your competitors would know and utilize the same.
NOTE: You have full permission to reprint this article within your website or newsletter as long as you leave the article fully intact and include the "About The Author" resource box. Thanks! :-
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