Sunday, May 27, 2018

Best Time to Buy: ASAP

As with everything in business, pricing strategies evolve over time. Early on in my "content" business, I used to have big sales. Over time, I partnered with a few organizations to give standardized discounts.

But one philosophy has remained throughout: I give the biggest discount when I launch a product or service. A great example of this was the crowd-source funding for the big 4-book set of Standard Operating Procedures. The bundle price for this set is $300 (perpetually on sale at $279.95).

During the crowd funding campaign, I let people have the set for only $99. That's 67% off!

Monica (my friend and sometime marketing manager) said that I didn't need to give such a deep discount. As she put it, "All those people would pay full price. People helping you crowd fund this project are your biggest supporters."

Exactly! And here's what I said, "I want my friends and supporters to have the best price! Let strangers pay full price."

Last year, when I launched two new books, I gave the new versions away to anyone who had bought the previous version in the months before. I didn't want anyone to say, "Oh crap. I wish I'd waited."

Lesson: Don't wait.

Lesson: Don't worry that I'll take advantage of you.

Lesson: When I announce something new, buy it immediately. The price will only go up.

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