So, last week, I went through some of the core things you can learn on marketing promotions from a beer in a Vegas bar.
Today, I want to talk about money.
For those of you that have ever been to the States, you will know what keen tippers they are, and the expectation they have when it comes to tips.
I don’t travel to the States that often. In fact, I’ve only been a handful of times. So, on morning one, the whole tipping thing didn’t cross my mind.
Now there’s one thing I do love in the morning, when I’m on “vacay” (as the kids call it) and that’s eggs; so when I saw the **fresh egg station** at the hotel, I was all in.
As I approached, I saw that every person was throwing their couple of one-dollar bills into the ‘frying area’ on receipt of their eggs (fire hazard if you ask me, and a waste if the notes catch light).
“Oh Sh**, I thought. I haven’t got any money on me”.
So, as the lovely egg lady asked me what I wanted (and I was told “you’re in Vegas honey – go big or go home” – followed by the serving up of a fried egg PLUS a sausage, bacon, tomato, mozzarella and cheddar omelet), I felt really embarrassed to not have a couple of bucks to throw towards the rings of fire, as her tip.
“Sorry”, I said. “I wasn’t aware of the tip thing. I’ll pop back in a moment with some money.” Which I did.
I took this little picture of the egg station with the money, just for fun, and so I could share this story with you, as there’s a learning here.
|It’s not only the tips… but in America, you are given a price, and then you have to add on tax, and then the tip!
It’s a bit like shopping with Ryanair, when you get a place on the plane for £x.
Then you book your ACTUAL seat and add £y.
And then you have to add luggage and it’s £z.
By the time you’ve finished, what felt like a good price becomes way more than you intended to spend.
|So here’s the learning.
Transparency of pricing is FUNDAMENTAL.
When was the last time you brought something without knowing the price?
Unless it was a very low ticket, impulse purchase, the answer is probably “never”.
The fact is, when someone doesn’t have price clarity, they are unlikely to part with their cash.
So, getting the pricing question, that is going on in their mind, answered as soon as possible is crucial.
They can then focus on what your product or service offers then, rather than whether or not they can afford it.
Here’s some questions to ask yourself:
1.Do you have prices on your website or other marketing materials?
2.If not, why not?
3.At what point in your process do you introduce pricing?
4.What could you do to get the price in front of your customer much sooner?
5.How do you position your pricing to make it appealing?
If you’d like to have a chat about pricing, drop me a line with your question and I’ll give you my view on what you need to do.
***Dealing with this now can create clarity, drive action and increased sales***
Enjoy your weekend.
p.s. Don’t forget to sign up to the FREE Masterclass below. We’ll be covering how you communicate things like pricing in this too!