How can you entice people to pay you more for your products services and experience?
Most people will tell you to offer more value and that's a great strategy.
But, what if I told you you could charge more and offer less?
Keep watching this video.
Before we talk about how to get people to offer you more money lets roll play for a
second.
Let's say you are a hotel owner and you are designing an ad for your hotel.
Your hotel has a five star pool and a three star restaurant.
What would you feature in that ad?
Three researchers ran an experiment where they asked mock hotel owners that exact question.
And they discovered that seventy two percent of respondents chose to feature both the restaurant
and the pool.
The researchers then asked mock customers what they would be willing to pay to stay
one night in that hotel.
But here's where the data is going to blow your mind.
Some mock hotel owners chose to feature only the five star pool in their ad.
Which from a logical standpoint is less value than a five star pool and the three star restaurant.
But now get ready to lose your head.
The researchers asked mock customers what they thought about that same ad.
The ad that featured only the five star pool.
The ad that clearly offered less value than the other ad.
And what happened?
Where do I sign up!
The customers were willing to pay between fifty two dollars and a hundred and sixty
four dollars or in other words they were willing to pay twenty six percent more money for a
hotel that featured an ad with just the five star pool compared to a hotel that featured
an ad with a five star pool and a three star restaurant.
Crazy!
While hotel owners assumed that they could charge more for one night stay in a hotel
that featured a five star pool and a three star restaurant.
The reality was that customers were willing to pay more money, twenty six percent more
money, for a hotel that only featured a five star pool.
Meaning people were willing to pay more for less value.
But what's the practical application for this?
Well first what is this research really telling us?
When you have something that's just average like a three star restaurant, it can hurt
the value of something that's amazing like a five star pool.
How does this apply in the real world?
Well let's look at it like this; first are you selling a product or service?
Instead of highlighting all of the benefits of what you're selling omit the average and
focus on the best.
As an example, when you are selling something you might tend to over explain as a way to
justify your price.
But it turns out, over explaining can actually make people want to pay less.
So don't do it.
Second, are you trying to look awesome on paper like in a resume or cover letter?
Instead of highlighting everything that you've ever accomplished, focus on the best.
For instance if you haven't swam in ten years omit the fact that you were on the high school
swim team.
Third, are you looking for investing for your software product?
Don't worry about every little thing that your product can do.
Focus on what's going to blow people's minds.
And finally this is the example the researchers gave in their paper, are you giving a presentation?
Instead of trying to cover as much as possible focus on presenting less ideas but make sure
their high quality.
Now check this I've instinctively used this when building SocialTriggers I've always erred
on the side of high quality and I never let the low quality articles dilute the good stuff.
Turns out I was taking advantage of a proven psychological principle that whole time and
that's why you should subscribe to SocialTriggers TV.
Boom!
That said you know anyone who believes more is better?
Share this video with them and watch their jaw drop.
Also take a second to like this video and then leave a comment letting me know how much
you think this video is going to make you.
And finally you'd be a fool to not sign up to the SocialTriggers newsletter and I pity
the fool.
So type SocialTriggers.com in your URL bar and get on it.
not only are you going to get videos just like this you are going to get access to premium
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But now check this I got nothing