Kratos
One of the most important steps in business growth is increasing your profit margin.
Because when you increase it, you have more cash in your business, which results in better financial power than your competitors, allowing you to invest more in acquiring customers.
One of the best ways to increase your profit margin is by raising your prices. Yes, this will decrease your closing rate, but it will solve other problems that low prices and low profit margins cannot.
So, today I am going to help you with two tips that will help you sell at higher prices faster.
How to Sell for Higher Prices?
Selling at higher prices is not an easy process, especially if you are struggling right now with prospects who say, “No, your prices are high,” even though your prices are normal compared to the market.
The solution to decreasing these objections is by injecting scarcity.
Scarcity focuses on limited quantity. For example, if there are two jewelry stores-
The first one says, “Get your piece of this golden cuff now.”
The second one says, “Get one of our limited five pieces of this golden cuff now.”
Your brain will immediately think that the second one will be more expensive because of the limited quantity.
And if you personally didn’t think like this, that’s normal.
Because scarcity will not make you close deals with every single prospect you contact… it’s just going to increase your closing rate by a good percentage.
So, it’s a game of increasing probabilities.
And this is applicable to any business, whatever you sell, wherever you are. Here are some examples:
Real estate? You can say only a few properties are left in that project.
Consultant? You can say you have only 4 spots left this week.
Organic potatoes? You can say there are only 50 kgs left, and the next harvest will be next year.
So, whatever you sell and wherever you are, you can create a unique scarcity that will make people say, “It must be really good because of that limited availability.”
Additionally, you will attract people with the vanity of owning limited products or services… and these people often pay higher prices.
How to Sell Faster?
The key to selling faster is by injecting urgency.
Urgency focuses on time instead of quantity.
Because urgency encourages your prospect to act fast before losing the opportunity… and most of the time they do act fast.
It’s also important to make it clear here that injecting urgency doesn’t mean every single prospect will buy… it means you are increasing your sales rate.
And you need this after increasing your prices, to generate cash as soon as possible and be able to grow faster.
Urgency also works for any business in any industry. Here are some examples:
“If you sign the contract within the next 48 hours, I can waive the $500 setup fee.”
“Download this eBook before this page comes down after 24 hours.”
By doing this, you are encouraging people to buy from you as soon as possible… and trust me, you will start seeing results immediately.
Conclusion
Both scarcity and urgency are important factors in your FOMO strategy (fear of missing out), with scarcity focusing on quantity and urgency focusing on time.
By creating your offer with both of them, you will start seeing better results immediately after implementing them.
Remember that the role of both is to help you sell at higher prices as soon as possible-because you need the money to have the power to fight harder in the market.