It’s Cinco de Mayo, so I thought I’d
post about something Spanish on Ye Old
Underdog Millionaire Tip Sheet.
Yesterday the World’s most expensive
painting just sold at auction.
Pablo Picasso took the honors and
brought in $106 million for a painting
of his mistress that he created in the
1930′s.
With Tiger Woods and Jesse James in
the hot seat for their own mistress
missteps, I thought it was an ironic
and timely auction.
That being said, how can a dead guy fetch
such a big old bag of cash for a painting
that is not very good?
I am an art lover myself and this thing
just doesn’t do it for me.
Pablo has come back from the dead to teach
us a valuable lesson in pricing strategy.
What does an expensive, ugly painting from
a dead guy have to do with your small
business pricing strategy, you may ask?
Everything.
This painting fetched a millions of bucks
NOT because of the quality, but because of
the SCARCITY and the perceived VALUE that
came along with it.
There is only one of these puppies on Earth
and since Picasso is long dead, there won’t
ever be any more.
Now I’m not saying that you need to be dead
to have a great pricing strategy (that’s
a little counter-productive to the enjoyment
of owning a business).
…and no you don’t need to make just ONE
of something in order to make any money.
What you should try to do, is to give the
PERCEPTION of scarcity with your marketing.
When you price a product on the upper
scale of your market, you almost always put
yourself in the higher perceived value range,
just because you are up there.
If you don’t have the value to back it up,
you will never make the sale, but if you
raise your prices and add a ton of value,
all while mixing in some scarcity for your
product, you can make a ton of money.
…and have a lot of FUN along the way.
Try and think of some ways that you can add
scarcity to your own products and services.
I’d really like to hear about your ideas below
in the comments.
Leave a comment about a tip that you are using
in your own marketing to create scarcity and
fetch a higher price for your product or
service.
If you like that little tip and you really
want to know the whole enchilada (get it,
cinco de mayo) and get a huge pile of tips
and tricks to completely overhaul the way
you think about pricing in your business,
download the Ultimate Pricing Report here:
http://www.product-pricing-strategy.com
Until tomorrow,
Joshua Black
P.S. What’s your pricing strategy for your
small business? Leave a blog comment and let the
other Underdog Millionaires learn from you.
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Download these other great products to help
your business earn huge piles of moolah:
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http://www.how-to-business-network.com
http://www.ranking-higher-seo.com
http://www.UnderdogMillionaire.com/blog
http://www.sales-letter-system.com
http://www.closing-the-sale.com
http://www.information-product-report.com
http://www.UltimateUSPcreator.com
http://www.underdog-success-formula.com
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{ 2 comments }
Hey Joshua,
Man, good blog post. I wasn’t sure where you were going with it (and I was also thinking that his mistress wasn’t that great looking), but you tied it in nicely.
I know a lot of gurus using underhanded scarcity tactics, which I’ll never be a part of. They have countdowns showing on 23, no 15…7 Left!
Unless they are real, that’s cool. Otherwise, I hate when their business is a lie to get into people’s pockets.
BrandonBurgh
.-= BrandonBurgh´s last blog ..Is Podcasting Worth It? Starting to Think Not Now =-.
Brandon,
You are absolutely right. The phoney gurus with the fake countdown timers and other tactics really don’t convince anyone anymore. Plus, it’s completely dishonest. Scarcity works when the customer can prove that it exists in some way or another.
However, there are plenty of other marketing tactics that you can use to put your product in the proper light, so that the customer will perceive its value correctly.
-Josh
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