One Thing: Day 297: Football. Nachos. Coke.
Day 297: Football. Nachos. Coke.
Yesterday I was explaining how people screaming ‘change’ talk a good game but are amongst the weakest you’ll meet.
Speaking of going weak.
I was watching Dateline and in this episode, a husband was dying.
His wife, lovingly, by his bedside… as they whispered to each other:
Husband: “Darling, there is something I must confess.”
Wife “Sshhh… everything is OK there is nothing for you to confess.”
Husband: “I want to die in peace. I slept with your niece, your best friend, and Susie from work.”
Wife: *whispers* “I know, that’s why I poisoned you… now just close your eyes.”
Your ONE COACHING THING Today Is:
‘How to Influence on Price’
Here’s a pricing experiment on steroids that can make you a lot of money.
You go to a football game at Bramley Moore Stadium and buy nachos and a coke.
There are two options…
3.50 for a small
8.50 for the large
Which one do you choose?
If you’re like 80% of the population, according to the National Geographic study, you choose the small cause the $5 price gap is too large to justify.
Now they ran a test to see if they could ‘influence’ your decision making.
They added another option, a medium coke for $8.00.
New pricing looked like this:
$3.50 for a small
$8.00 for a medium
$8.50 for a large
What happened, I hear you ask?
The numbers flipped and 80% chose the large for $8.50.
If someone chose the medium their partner would say ‘we might as well get the large its only an extra 50 cents.’
We call this the ‘decoy effect.’
You can influence purchases HEAVILY by adding a third option. It introduces a LESS DESIRABLE option compared to the one they want you to buy.
“It’s only 50 more cents.”
In a book called ‘Predictably Irrational’ they had an example of a 12-month subscription to the magazine ‘The Economist.’
There were two options:
$59.00 ‘online only’
$125 ‘online and print’
The magazine clearly prefers you buy the more expensive option but 80% predictably bought the less expensive $59 version.
They employed the decoy effect and introduced a third option.
$59.00 ‘online only’
$125 ‘print only’
$125 ‘online and print’
The numbers flipped and 80% took the more expensive version.
It’s simply an experiment of context.
Not to mention, despite what your prospective clients think, people DO NOT BUY ON PRICE.
If that was true everyone would drive a $5,000 car.
Price is the FIRST question you ask… but far from the most important factor in your buying decision.
Another example from the book that might help you further get your head around this…
People were given three pictures of people from the opposite sex and asked to choose the one they’d date.
There were only two people in the pics… and the third pic was a very slightly distorted version of one of the two people.
B won by a country mile.
Digest this and help your high-end clients create a ‘decoy effect’.
Thank me later.
You heard it here first.
Obsessed with your business coaching success,
Karl Bryan aka King Karl
PS. Peace is not when everyone agrees… It’s when we use common sense and understand that, different people, have different opinions. And that’s not only ‘OK’, it’s normal.
PPS. Marriages break up from lack of money… over lack of love X 100.
Business failures lead to destruction, addiction, depression, anxiety, suicides, and unfortunately, far more.
As good business coaches we save marriages, save families, save kids from self-destruction… we save lives!
A true life of purpose.
PPPS. If you’re looking for a proven system to follow for your coaching…. I created business coaching software and high-end step by step training to support it…
It’ll teach you ‘How to find any small business owner $100,000 in 45 minutes without them spending an extra dollar on marketing or advertising.’
Imagine finding your annual $12,000 to $50,000 coaching fees BEFORE you started coaching your new clients?! And a proven coaching system created for you to follow with your new coaching client.
Reply to this post if you want to start following a proven coaching system.
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Karl Bryan, creator of Profit Acceleration Software™
Karl is the Founder and Editor-in-Chief of The Six-Figure Coach Magazine and Chairman of Focused.com, home of the largest private community of Business Coaches (24 countries and counting) in the world. His goal is straightforward… to help serious coaches/consultants get more clients. Find out more at focused.com