Pricing is a top concern for most business owners, service people, and sales people. Today, I’m going to tell you the truth about pricing. The dirty little secret people don’t want you to know. It may seem like I’m taking awhile to get to that point, but I want to build the foundations that will create those ah-ha moments for you. I recently returned from the eWomenNetwork conference for female entrepreneurs in Dallas, Texas. I was so inspired by the conference, that I wrote the first draft of this show while flying home on the plane. Price isn’t always what matters most to your potential customer. It is how you phrase the price and whether you get your customer excited. Today, I talk about the subconscious, using the senses, having three price points, and how to combine these tactics to increase sales. Show Notes [04:13] One thing I love to watch at conferences is how people position their offers or services. [04:32] It's fascinating to watch the true masters when they sell from stage. [05:30] Next week's episode digs into using behavioral economics to become a better presenter. The concepts are all built on pricing which I demystify for you in this episode. [06:11] Molina is constantly questioning the world around her. Everything is a learning opportunity. [07:21] When I'm consciously examining an advertisement, I'm not really aware of what my subconscious is taking in. [07:43] 99% of our brains processing is subconscious. [09:08] The joy in our brain happens in the anticipation phase not when we get the item. [09:34] The smell of chocolate chip cookies will get your subconscious brain very excited. By the time you arrive to store, you may not be able to resist the temptation of the cookies. [10:45] The importance of the order in which things happen. [12:28] How your conscious brain will unwittingly give in to the will of the subconscious. [12:49] This cookie example is an example of an expert and a novice selling technique. Even if the cookies were expensive, you had already bought them in your mind before you walked in the door. [14:10] Masters of selling will get you excited about selling anything in any medium. [14:44] Melina considered a membership site before deciding on a podcast. [15:59] You want to hear in my campus next piece of information. If you are solving a real problem for your customers in a way that they can understand, they will find a way to pay for it. [16:39] You just need to draw them in with your own take of fresh baked cookies. [16:57] People need to understand the importance of behavioral economics before they care enough to take any step that will cost them money. [18:33] The scent of the cookies needs to come first. Like the information broke down into a free podcast. [18:43] What is your item that gets people to stop and want more? This is the top of your funnel the podcast, the billboard the Facebook or Instagram post. [19:46] If you start out with price people will already tune you out and move on. [19:59] What will draw your clients subconscious in to flag their conscious to be interested in your product? [21:01] Make sure whatever tactic you choose is on point with your brand and your offer. [21:24] How can you incorporate one of the five senses into your business to make it stand out? [22:18] What is your lead magnet? If it's a food item, give your customer a free sample. [23:14] Loss aversion and perceived ownership. [23:31] Our brains are hardwired to latch onto things and not want to lose them. Our brains claim ownership incredibly quickly and do not want to give things up. This is greatly increased with the power of touch. That's why with the furniture example it's good to give them something to touch. [24:06] The overnight test drive is a great example of this. [25:27] Involving the senses can help stimulate the brain's ownership response. How can you do this with your business? [26:22] The concept of scarcity. FOMO or fear of missing out caught on for a reason. Notice the countdown cl