034: Are Your Prices Too Low? And Why They Need to Be on Your Website + Facebook Destination Ads | RedPandas Digital

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One of the first things businesses ask themselves in a slump is are my prices too low? But that can often be counter-intuitive. In this special episode on pricing we talk about clues that your prices are too low and tips on exactly how you should be talking about your prices online. Plus, new Facebook Messenger Destination Ads!

How good is Alec Baldwin?! Can’t wait to see him at Inbound16 purely because of this:

And this one:

Buzz 1 – Facebook Messenger Ads

facebook-messenger-destination-ad

Official Facebook announcement here.

Check out Jon Loomer’s step-by-step instructions on setting up a Facebook Destination Ad.

Buzz 2 – Are Your Prices Too Low?

Check out Omar Zenhom’s podcast: The $100MBA

Buzz 3 – How to Talk About Pricing on Your Website

Three ways to talk about prices online:

  1. Straight-up Pricing
  2. True Value Pricing
  3. Ballpark Pricing

Straight-up Pricing works well when packages and prices are clear. HubSpot does this well.

True Value Based Pricing – what is the packaged sum of what your are offering or what is the cost of not doing business with you.

Meetedgar does this well:

value-based-pricing

Remember to justify your prices. Tom BIHN bags does this well:

Why are TOM BIHN bags so expensive?

TOM BIHN bags are carefully constructed of fine quality materials and components in our own Seattle factory. They’d be less expensive if we had them produced in China or Vietnam, but then we’d lose control over the quality of the finished product and the quality of the jobs we create. Our turn-around time (the time between designing a new product and being able to ship it to customers) is quite fast, especially for a small company. We could use cheaper materials, but we’ve been making bags for a long time and plan to make them for a lot longer still: we don’t want folks complaining about this or that part breaking or wearing out prematurely. There are plenty of less expensive products on the market and it’s up to you, the consumer, to decide if the quality of our products justifies their expense.

More from Marcus Sheridan on How to Masterfully Explain Online Why Your Stuff Costs So Much

Consider having live chat options on your pricing page:

Also consider tracking software like HotJar to see what users are actually doing when they get to your site.

You don’t need to buy anything new though, Google Analytics also has In-Page click analytics:

google-inpage-analytics

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