I have no idea if the $8 car wash is better than the $4 car wash. But I buy it every so often.
I don’t know if I’ll make more sales with the Platinum Event Sponsorship than the Gold Event Sponsorship. But it’s worth a try.
The secret to this kind of pricing upgrade: Unbundle the features. Take your existing product and list out each individual benefit and option. Create a super-duper version with all the options. Create a bargain one with just the basics. Test different combinations. You’ll probably make more money than if you sell it all together.
Why does this work?
- Buyers like choices. We feel in control if we get to pick our features.
- Some people like bargains. Some like to get all the extras. You can make them both happy.
- We can only process a few features at a time. If you pile all your best attributes into a single product, you often don’t get credit for all that hidden value. Break them apart and people can understand how each feature adds value.
