Pay Less, Get Less: What a Price Drop Taught Me

I've been building The LeadFlow Pro, and right now we're going through two things at once. A product discovery and a price discovery.

"Price discovery is when you have a price for a product, but you don't know if that's the true price that the market thinks that it's worth."

Here's the example I lived through.

We cut the price and sales got harder

We had a course selling at $4,800. It was selling. Then we decided to run a special.

"So we decided to drop the price down to $1,997. So we went from $4,800 to $1,997."

You would think anybody who wanted to do business with us would look at that and say it's too good of a deal not to take. That's not what happened.

"And we had trouble getting people signed up for less than $2,000 when they were flying off the shelves at $4,800."

We raised it and asked why

"And so we raised the price. We raised it to $3,000." When that price went up, the sales went up.

So we asked the students. "Why are you signing up now for $3,000 and paying $1,000 more when we just had it for $1,000 less for the same thing?"

The answer was basically the same across the board. "It's a value thing." "They believed that by paying less, they were getting less, which wasn't true, but in their mind it was."

"And the perception is reality when it comes to business."

We put more value into it. It's worth more than $4,800 now, so we're taking it back to $4,800 to see what happens.

Price discovery takes time

"It's called a price discovery. You're discovering where your price is and sometimes that takes a little while to do."

"I don't believe that you can do a price discovery overnight. I believe it takes time, data points, and you can change only one variable at a time."

If you change two or three things at once, you won't know what worked and what didn't. Change one thing. Give it a chance to play out.

What I said (RYAN STATEMENT)

• "They believed that by paying less, they were getting less."
• "We had trouble getting people signed up for less than $2,000 when they were flying off the shelves at $4,800."
• "It's a value thing."
• "And the perception is reality when it comes to business."
• "I don't believe that you can do a price discovery overnight."
• "I believe it takes time, data points, and you can change only one variable at a time."
• "If you're having problems in business, text the number 903-500-8898. Just reach out. I want to help you."

Call or text me at (903) 500-8898.