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4 Killer Pricing Strategies To Have Your Prospects Hyper-Ventilating

Let’s talk marketing, shall we?

Any product you sell online, you have to introduce a sense of urgency and scarcity. You want your prospect to feel compelled to take action – right then and there. You want them to feel as if they’re running the risk of losing out on something.

Failure to do this usually results in lackluster sales.

Let’s talk marketing, shall we?

Any product you sell online, you have to introduce a sense of urgency and scarcity. You want your prospect to feel compelled to take action – right then and there. You want them to feel as if they’re running the risk of losing out on something.

Failure to do this usually results in lackluster sales. I’ve seen some people who shy away from it to their own detriment. They don’t want to be annoying or risk being perceived as a slimeball… or various other self-created excuses. So, they just let the offer float there. Not many sales happen that way.

I don’t care how awesome your offer is, human psychology is such that they’d rather hang onto their money – all things being equal.

So, your job is to make things unequal so that they will buy from you.

There are a ton of ways to introduce urgency and scarcity, but for now, let’s just talk pricing. There are some pricing strategies that are quite creative and are tailor-made to foster a sense of urgency.

These strategies are easy to set up and run using Nanacast, the shopping cart I’m now using and switching all my products to.

Tiered Pricing

This just means that your price goes up based on some criteria – either quantity sold or by date.

A quantity-based scheme would be something like this…

  • The first 10 can buy at price A.
  • The second 10 get it at price B.
  • And so on, as you wish.

This is great when you bring social proof into your sale/launch. If your prospects know that a lot of other people are seeing your offer at the time, then it puts them into competition with one another to get into the first X sales and get that awesome rate.

You can also do a date-based tier, such as:

  • Day 1 they get it at price A.
  • Day 2 they get it at price B
  • And so on…

Same basic thing in place here.

Dynamic Pricing

This is super-cool and something I’d have NO idea how to do were it not for Nanacast. In fact, I recently started up a membership drive over on PCMech using this strategy and it brought in about $1,000 in the first 4 hours. Not bad considering the price point.

With dynamic pricing, your price actually VISIBLY increases dynamically right in front of their eyes. Quite literally, as they sit there looking at your sales page, the price is increasing and they can SEE it going up. Now, typically, you’re not going to have a $XX.XX-style price being shown with this. In order to show the price increasing, Nanacast will display many decimal points out. Each second, the price is going up by some fraction of a cent. You control how fast it increments with the settings you choose.

Like tiered pricing, you do this either by quantity sold or date.

With quantity, then basically, every time somebody buys, the price increases. Again, this puts people into competiton with each other to buy quickly (and that’s the idea). This is sometimes referred to as the “dime sale”, with the idea that the price goes up by some amount every time somebody buys.

With date, you would set the start time and the end time of your sale and Nanacast will evenly increment the price so that it will reach your target price at the time you tell it to. This is what I used in the PCMech promotion, with the urgency being “the price is literally increasing every single second.” Which it was. ­čÖé

How You Set This Up

I haven’t used every shopping cart around, but I’ve seen my share. Nanacast is the only shopping cart I’ve seen which can do this. I’m aware of one other solution that can do it, but that’s a locally installed option and I tend to recommend you use a third-party cart for a variety of reasons. Nanacast is the only way I’ve seen to do┬átruly┬ádynamic pricing based on date.

Most sales systems just have you enter the price. So, dynamic pricing would be impossible. And, tiered pricing would be a manual affair because you’d have to go in and manually change the price as certain thresholds are met. That’s a pain in the ass and certainly no auto-pilot solution.

With Nanacast, you have a simple dropdown where you choose your pricing strategy and these things are built right in. Nanacast then gives you a little bit of javascript code to embed the order form on your site. In the output, you’ll see the price and it will auto-adjust as you specified.

Also, this is all server-based on Nanacast, so not something people could fudge around by altering their system clock (for the date-based pricing).

Yep, Nanacast.

I’m a fan of this system. I was using 1Shoppingcart, but I’m now moving my stuff to Nanacast.

I’ll be honest… when you get in there, you’ll be quite unimpressed with the interface design. It isn’t great at all, really, and I really hope they fix it. But, I’ll tell you… once you get the hang of where things are, you’ll soon find that Nanacast is a real POWERHOUSE and simply blows away most of the competition.

Definitely check it out if you’re in the business of online sales. These pricing strategies open up all kinds of marketing possibilities, but that’s only the tip of the iceberg with Nanacast.

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