Happy New Year Gorgeous Humans!

Franziska is back with ready-to-implement strategies to boost your sales! Because we love you!

Watch this video to discover:

0:36 WHEN to remove commas “,” on prices
1:06 HOW to deal with larger payments
3:04 WHAT happens when you kick the dollar sign off menus.

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Franziska: Hi there! A few weeks ago I shared with you a strategy on how to increase your sales using precise pricing and I know you loved it because the feedback has been amazing. So what I thought I would do is I’ll share three more pricing strategies with you, plus a little bonus at the end. And these are all based on the psychology of understanding human behavior and buying behaviors and they’re very easy to implement so you can do them straight away as I share them. So the first one is removing the comma after a larger amount. So, if something is for example a thousand three hundred dollars or let’s go precise if something is a thousand two hundred ninety dollars instead of doing a 1,290 – you remove the comma and you just go 1290 without the comma and that has proven to increase sales when there’s no comma in between the thousand and the hundreds. The second one is offering installments for larger payments. So if you have payments that are larger, you know over a thousand or over a few thousand dollars or a few, you know, hundred thousand dollars; if you can somehow break it down into installments that again will help people to be able to, first of all, afford you and also it will make it a lot more attainable for people instead of paying nine thousand nine hundred dollars for something you do three installments of three thousand three hundred. Maybe one up front, one in the middle of the project, and one at the end. And again that’s really helping people to want to work with you. We do this at our branding agency, The Business Hood, we offer installments and it just also helps with cash flow and makes it easier for people to choose you. The third one is breaking the price down for someone and then maybe even using some sort of an analogy so if depending on let’s say a gym membership, somebody is thinking, “Oh I don’t know if I want to pay (whatever) a hundred bucks a month…” so I’m not sure how much gym memberships are. I don’t go to the gym, I have a beach that I go to. So it almost makes me feel a little bit guilty just talking about it. So instead of somebody maybe thinking that “I can’t afford a gym membership, I don’t want to pay that much money for a gym membership”. You could break it down and say it’s less than a profit per day. So joining this membership or whatever it is, is less than a coffee per day. So you can, make a comparison, a contrast, so that it doesn’t seem like oh that’s just a coffee a day. That’s not that much, for whatever you’re selling so making a comparison can be really helpful for people to choose to work with you. And the plus one, the last one here, this again, was found in a study. And what they found is that on menus, you know when you go out for dinner somewhere or lunch, and you have a menu. If you remove the dollar sign in front of the price, instead of it saying, Coffee $4.50, it just has 4.50, without the dollar sign on it. They will sell more. So that’s a plus one year tip for different restaurants and maybe you can even try it for you, too, is they found that in restaurants the menus that had no dollar signs in front of the amount, they had higher sales. So those are three quick pricing strategies that I thought you might find useful, and you can implement them straight up. And if you would love more tips, we run, amazing, an amazing session, called the Blast Off Workshop and you can find out more about it if you go to basicbananas.com/masterclass where you get a bunch of tips like these, it’s a two-hour session, so if you want to check it out, we’d love to have you there. And as always, thank you for tuning in. I will catch you on the next episode. Bye for now.