Easy Yes Pricing Formula

by Nichole Smith | Feb 27, 2019 | Grow Your Business

Easy Yes Pricing Formula:
Today I want to answer one of the most common questions that I get as a marketing and branding strategist, which is:

How do I make it easy for people to say yes to me?

So today we’re talking about what I call my ‘Easy Yes Pricing Formula’. There is nothing more depressing as an entrepreneur than having someone say no or nothing at all, once you’ve told them your pricing. I personally am a huge advocate of having your pricing available right on your website. I know there’s controversy about this and sometimes you feel like you want to have a conversation before people see your price, but I promise you, you’re missing out on so many opportunities and inquiries if you don’t have your pricing available online.

So make sure that you do that. But beyond that, being told that you’re too expensive or not worth it, or having people just completely ghost you once you’ve had that initial inquiry about price is awful. There’s a couple of ways to make sure that it doesn’t happen.

Having people not call you back or say no once you’ve sent them your pricing is the worst and you can’t always control it. It’s going to happen as an entrepreneur that some people just aren’t a good fit or it’s not the right time, but there are some reasons in particular that people say no or nothing at all and it’s important to understand them in order to make it easy for them to say yes.

So I wanted to go over five of the reasons and ways that people find it easy to say no or nothing at all so that we can look at ways to make it easy for them to say yes.

Easy Yes Pricing Formula

1. Timing

The first one you kind of have no control over, I’m afraid, which is timing. It might not be the right time for them. A lot of people are just on fact finding missions and they just want to know pricing and they want to think about it for a while, which is why having a sales funnel or an automated marketing process where people can join your email list and get nurtured with content over time is really important.You can find more resources about how to do that here on our website.

2. Fit

The second one you do have a little bit more control over and that is fit. It needs to be the right fit for them. Now again, you can’t control them or their life or what they’re looking for, but you can communicate fit clearly. You can make it very clear what’s included in your products and services and why it might be a good fit for them and who it might be a good fit for. This makes it much easier for people to see if it’s right them.

3. Overwhelm

The third thing is one of the most common pitfalls I see with entrepreneurs and you know it comes from a good place and that is people get overwhelmed and confused. As entrepreneurs, we try and tell everyone everything about all the great things about what we sell and it’s too much.

Or we have 27 different options of products and services and that’s too much. If someone has to think or read, they’re going to bounce. You need to make it possible for them to make a decision and see what you’re offering without having to think about it.

So it’s really important that you have really simplified products and simple pricing and most importantly that that pricing and those products are skimmable on your website. It’s easy at a glance to see what you’re offering and how it’s going to fit for them, which also means having real clear differentiation between one product and the next. So I don’t have to read three paragraphs about this product or service to know the difference.

4. Perceived Value

The next reason that people say no or nothing at all is perceived value. Now I know we think that a lot of the no’s come from price, but it’s actually not price, it’s value. What are they getting for the price that they’re paying?

So it’s not even just about the actual value itself, but the perception of value. This is where it’s really important that you understand your ideal client, what they want, what they’re scared of, what they need so that you can convey to them the value in your product.

Keep in mind that value is going to be less about facts and figures and more about the fears and emotions that are connected to the product and service that you sell.

How are you going to make their life better? How are you going to be able to improve their relationships or save them time or save them money? Those are the things that you’re going to make sure are in your product description to really supplement and prove the value of what you’re offering. Then the price becomes less important.

5. Perceived Risk

The fifth and final thing, which kind of mitigates all the other ones, is perceived risk. Now I cannot over-emphasize how important this is and I want you to think about what it would be like if you were going to buy a product on Amazon and there was no product photos and no reviews. Would you buy it? No. Even with the Amazon’s generous return policy, you just wouldn’t know what you were getting and you wouldn’t know what you are paying for and you wouldn’t be confident.

So when you are putting your products and services out there, you need to keep in mind the perceived risk that your customer is thinking about and feeling when they’re trying to decide whether or not to give you their money. That will have a lot to do with giving them enough information and using sales tools like social proof and reviews, lots of great photography so that they feel comfortable that what they’re getting is of high value, that they’re not taking a big risk.

The other important thing you can do here is give them a step before purchase, which helps answer their questions or helps make them feel safer. Sometimes this is presenting a guarantee. Sometimes it’s offering a free consultation. Sometimes it’s sending a sample pack, something that makes that first yes really easy, because it’s so low risk. Don’t forget how it feels to be a consumer and how protective you feel about your purchasing and your time, right? Because you don’t want to have to go to the post office and return something if it’s not the right fit. You’re just not going to take the dive if you’re not sure.

So there you go. We have talked about five ways that you can make yourself and your business easier to say yes to:

Timing
Fit
Overwhelm
Perceived value
Perceived risk.

If you can keep these five factors in mind when you’re working on the services and products page of your website, when you’re working on a Facebook ad, when you’re doing a live pitch or having a conversation on the phone, putting a brochure out into the world… any of the places where you’re communicating what you sell and what it costs, you’re going to be able to get more conversions because people are going to feel comfortable. They’re going to understand the value. They’re going to understand if it’s a good fit for them or not, and they’re not going to get overwhelmed, so they’re going to be able to make a decision quickly. Good luck with your new pricing strategy.

If you want more free resources

to help you work through this, visit us over on our private facebook group where we have conversations all the time about topics like this and support and enchanted rebels like you who want to find freedom and fulfilment by building brands instead of just businesses. I hope to see you there.

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