As a content and copy writer, I like to think I can sell anything with top quality copywriting techniques.
But sometimes I get asked to do a piece of copywriting and, pretty early on in the process, it becomes apparent that no amount of copywriting will ever achieve the results the client is expecting.
There can be a few reasons for this. But one of the most common reasons for a project being beyond the help of even the most talented copywriting, is that the pricing for the product or service in question is all wrong.
Sometimes it is because the product is too expensive.
Sometimes, though perhaps less often, it is because the product is too cheap.
The fact is, selecting the correct price to sell your produce or service it is more important now than it has ever been. Before you can market your product effectively you must choose the most appropriate price at which to sell it.
First of all, why is correct pricing essential?
Today, it is so easy for buyers to make simple price comparisons, without even leaving home. Yes, a few prospective customers will just pay what you ask but more and more will shop around.
Post-recession, and while budgets are still stretched in many cases, people are increasingly looking for value.
Consumers are increasingly savvy, and aware of the price-quality balance.
So how should you set your prices?
Whatever you do, don’t take the cost price, add on your costs, and then use that as your price.
Do some market research. Find out what people will happily pay for your product or service. Overcoming price resistance makes it much easier to sell your product.
Find out what other suppliers are charging. Being price competitive will make it much easier to sell your product.
If necessary revisit the cost price of your product and your overheads to try and meet that optimum price.
Note that all this doesn’t mean you will have to charge less, it could even mean that you could charge more. Although, obviously, there can be advantages in being the cheapest. And, if you do elect to charge less there are various tactics which can be used to maintain or increase your average price per sale (which will also offer some interesting copywriting opportunities too):
* Offer a range of different options, eg. different sizes at different prices.
* Offer optional add ons and extras to your basic product or service.
* Take something away from your product or service, and offer what it really needs as an extra.
* Charge different customers different prices at different times. In other words, use some simple principles of revenue management.
Apart from the fact that the right price will make it easier to sell your product I can promise you that it will be very popular with your copywriter …. once the price is right there will be so much more opportunity to copywrite engaging, persuasive and effective material that will really help to sell your product.
Mark Hempshell is a copywriting consultant and content marketer. You can contact him with questions and queries here: Mark Hempshell